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Beijing’s new antitrust rules have cost Chinese tech giants $260 billion in 2 days

November 11, 2020

Via: Fortune

Global investors pummeled shares of China’s tech giants for a second day Wednesday following signs of a crackdown by Beijing regulators.

On Tuesday, the Chinese government released sweeping new draft rules aimed at curbing monopolistic behavior among China’s largest Internet firms by imposing tighter restrictions on online payment systems, e-commerce platforms, and user data.

China’s State Administration for Market Regulation said it issued the draft rules to block anti-competitive behavior and create a more balanced playing field in China’s booming tech market.

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