Xi Jinping threatens tech companies again .. Tencent shares plummet ..!

 Chinese government agencies a few days ago ordered all public and private banks to fully calculate how much credit is owed to Jack Ma's Ant Group and Alibaba.




This is an important step for the Chinese government to take after banning the Ant Group's IPO. But in reality the Chinese government is working to impose new restrictions on all private companies. As a result, Chinese tech stocks are facing a sharp decline in trading.


Xi Jinping

The Chinese government, led by Xi Jinping, imposed heavy restrictions on tech companies to reduce the dominance of tech companies and prevent monopoly, citing personal information security and cybersecurity.




New restrictions

The main reason for the decline is that the Chinese government plans to impose new restrictions on private companies, which are expected to be announced soon.


Metaverse

Shares of leading tech companies in the Chinese stock market have thus fallen sharply. Everyone knows that China has invested heavily in the Metaverse sector.


Tech, Social Media, Gaming

The Chinese government is planning to impose new restrictions on tech, social media, and gaming companies due to various scandals in the Metaverse sector.


Tencent Holdings

Shares of Tencent Holdings, China's leading tech and highly valued company, fell about 5.2 percent on Monday. Shares of Alibaba Holdings fell 3.9 percent.



Meituan decline

Also, the Hang Seng Tech Index, which lists tech companies on the Hong Kong Stock Exchange, has fallen about 5.9 percent in the last two days alone. Meituan's 18 percent decline led to a sharp decline.


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