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New tech crackdown hits Chinese stocks
New tech crackdown hits Chinese stocks

Hong Kong, July 12 (TIWN) Chinese stocks fell on Monday as the threat of new Covid restrictions and a renewed regulatory offensive against big tech companies sapped investor confidence, media reports said.

Casinos in the gambling hub of Macao were ordered to close for the first time since February 2020 because of a Covid outbreak, sending shares of their operating companies plunging, and fears of new lockdowns in Shanghai undermined the broader China market.
Adding to the downbeat mood, China's tech stocks plunged after the country's antitrust regulator imposed fresh fines on a batch of A-list companies, rekindling fears that Beijing is still not lifting the pressure on the country's embattled internet giants.
Top government officials had recently signaled an easing of President Xi Jinping's bruising tech crackdown, and pledged support for the internet sector. The change in rhetoric fueled hopes that Beijing would support the private sector in helping to rescue growth at a time when China's economic outlook is weak.

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