FirstFT: China’s regulatory concerns hit Tencent stock

FirstFT: China’s regulatory concerns hit Tencent stock


World update

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Chinese technology stocks Plunge for the third consecutive day As investors’ concerns about increased regulation have intensified, Tencent’s stock price has recorded its biggest decline in a decade, after Tencent stopped registering its flagship app.

Hong Kong’s Hang Seng stock benchmark fell more than 5% on Tuesday, and the Hang Seng Technology Sub-Index fell 8.7%. Tencent shares fell 10%, e-commerce group Alibaba fell 7.7%, and food delivery platform Meituan fell 17%.

As a benchmark for Chinese technology stocks listed in New York, the Nasdaq Golden Dragon China Index fell 15% in two days, the biggest drop since 2008.

in our Unhedged In the newsletter, Robert Armstrong looks at the increasing discounts to the Chinese market by investors compared to their Western counterparts.register here.

  • deeper: My colleagues explain Why did Xi Jinping plan to crack down on China’s education industry with new restrictions, causing the share prices of industry leaders listed in the United States to fall by about 60% on average?

There are five more stories in the news

1. With the surge in iPhone sales, Apple’s profits have almost doubled Due to the surge in iPhone sales and the unresolved problem of expected component shortages, Apple’s profit in the most recent quarter almost doubled to $21.7 billion.In other places Big tech gains today Microsoft’s revenue increased by 21%, and Alphabet’s profit was almost three times that of the same period last year.

2. U.S. Secretary of Defense questioned Britain’s turn to Asia Lloyd Austin said yesterday that Britain might be more helpful if it were an ally. Not following Asia, Highlighting that the United States is worried that European allies’ invasion of the Indo-Pacific region may weaken its homeland defense.

3. Hong Kong people convicted of terrorism in the first Guoan case Tong Ying-kit, a 24-year-old former restaurant employee, was arrested Found guilty In the city’s first trial under the National Security Law, the crimes of terrorism and incitement to secession showed that the courts in the financial center were prepared to take a hard line in accordance with the legislation.

4. The U.S. House of Representatives convenes a panel meeting on the attack on the Capitol Republican lawmakers criticize Donald Trump Bashing their party Rejecting any serious investigation into the January 6 attack on the U.S. Capitol, in an emotional hearing, the police defending the Congress provided painful testimony.

5. The owner of the spyware group NSO was deprived of control of the 1 billion euro fund Investors in Novalpina Capital’s 1 billion euro fund voted for this month Seize control After a tense three-hour video call, the people involved in the process said. The dramatic intervention left the ownership of the company behind the spyware Pegasus up in the air.

Tokyo Olympic finals

“I just don’t trust myself like I used to,” Simone Byers said in tears. “I don’t know if I am getting older, I was a little nervous when doing gymnastics” © Loic Venance/AFP/Getty

  • Simone Byers Listed her mental health problems Shock withdrawal From the finals of the women’s gymnastics team at the Olympic Games, and doubts whether she will continue to chase the gold medal in the Tokyo Olympics.

  • Naomi Osaka, The faces of the Tokyo OlympicsAfter losing to Marketa Vondrousova of the Czech Republic in straight sets, he withdrew from the Olympic tennis competition.

  • American swimmer Lydia Jacobi Won the gold medal in the women’s 100m breaststroke. Returning champions Lily King and Ryan Murphy were forced to win bronze medals in their respective events.

  • Flora Duffy won Bermuda The first gold medal in the women’s triathlon.

Add to ‘Tokyo Olympics‘Go to myFT to learn about all our coverage of the Olympics, don’t miss our “Alternative Medal Table”.

The days to come

income Earlier this month, Wall Street reported that Nearly record bank incomeToday, their European counterparts-Barclays Bank and Deutsche Bank-are expected to Basically follow suitJapan’s Nissan Motor Company also released a report on Wednesday, and the US’s Pfizer, Boeing and Facebook will also release reports.

American journalist jailed in Myanmar appears in court The editor-in-chief of the Myanmar border, Danny Fenster, will appear in court for violating the law against dissent. U.S. Secretary of State Anthony Brinken, Call again for his release yesterday. (Channel News Asia)

The 200th anniversary of the inauguration of the new President of Peru Pedro CastilloThe new left-wing president will be sworn in on the 200th anniversary of Peru’s independence.Castillo’s rise to power marks the decline of power Fujimori DynastyFor more than 30 years, it has been occupying an important position in Peru’s national politics.

Coronavirus Digest

  • U.S. health officials It is recommended to vaccinate in areas where the virus is “large and highly spread” Wear a mask indoors The decision made two months ago has dropped significantly.

  • Korean The economy is growing at the fastest rate Ten years later In the second quarter. But optimism was frustrated by the surge in Covid-19 infections.

  • Singapore’s The Minister of Health has exclude Another lockdown measure aimed at curbing the spread of the delta virus stated that we “must find a way to coexist with this virus.”

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What are we still reading

How SoftBank’s flirtation with Greensail ended in disaster After WeWork got into trouble, the Japanese group went to great lengths to save its next investment.However, when SoftBank learned about its shaky foundations, it did not keep a distance from Greensill. Closer. Its strategy ultimately failed.

As the discussion of decoupling intensifies, the U.S. and China are facing ups and downs Thomas Hale wrote that despite signs of decoupling of the stock market and geopolitical tensions, recent trade data between the two countries show that China’s exports to the United States have reached a record high in the past year. Trade secret communication. register here.

Tiger Global annoys Silicon Valley This $70 billion venture capital group has always been willing to move fast, pay high prices and give up board seats in fast-growing startups. Its style was originally developed in countries such as China, India, and Russia, and caused the biggest sensation in the United States. Some competitors felt threatened by the United States. The company’s aggressive strategy.

High-risk bets sparked strong opposition from Binance After the uproar over high-risk derivatives caused by regulators and consumers, cryptocurrency exchanges will greatly reduce the risk that customers take in one of its flagship products, because high-risk derivatives may soon cause users to suffer painful losses .Read our Interpreter.

Fire “season” swept California So far this year, the area of ??land burned in California has exceeded the level of the same period in 2020.Using lessons learned from the past, the California Fire Department is deploying A new fire behavior modeling system And weather data to help the fire brigade get in place. “California is just a year-long fire season,” said a captain of the state’s fire department.

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Trade secrets — A must-read book on the changing face of international trade and globalization.register here

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