Chinese regulator launches probe into Tencent, Weibo and Baidu
https://www.moneyweb.co.za/news-fast-news/chinese-regulator-launches-probe-into-tencent-weibo-and-baidu/Tencent’s shares fell about 4%, their biggest intraday drop in more than a month.
But that stemmed in part from a continuation of an overnight tech-stock selloff in the US,
and investors taking money off the table ahead of Tencent’s earnings report on Wednesday.
“The government will conduct such checks every year and I don’t see this having any impact
on the long-term development of the company,” said Yujie Li, an analyst with RHB Research
Institute. “People use WeChat and Weibo not for such illegal information,
so I don’t think this probe will affect the companies.”
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