China seeks to tighten rules on unfair internet competition

• China’s market regulator issued draft rules on Tuesday aimed at stopping unfair competition on the internet.
• The rules published by the State Administration for Market Regulation (SAMR) cover a wide range of areas from prohibitions on the way companies can use data to stamping out fake product reviews.
• Chinese listed technology stocks in Hong Kong fell sharply. Tencent was 3.5% lower in late morning trade while Alibaba fell 2.5%.

GUANGZHOU, China — China’s market regulator issued draft rules on Tuesday aimed at stopping unfair competition on the internet, as Beijing continues its broad crack down on the country’s technology sector.

The rules published by the State Administration for Market Regulation (SAMR) cover a wide range of areas from prohibitions on the way companies can use data to stamping out fake product reviews.

Chinese listed technology stocks in Hong Kong fell sharply on that news. Gaming giant Tencent was 3.5% lower in late morning trade, while e-commerce giant Alibaba fell 2.5%.

www.cnbc.com/2021/08/17/china-tech-regulation-draft-rules-ban-unfair-internet-competition-tencent-alibaba-slide.html