Chinese investors extended a selloff Monday over ongoing concerns that Beijing wants to increase regulation hurdles to business. Alibaba and other internet giants targeted by officials underperformed.
Tencent stock dropped by over 6% on Tuesday as the Chinese government's crackdown continued. Beijing’s latest steps to reign in online entertainment come in the wake of previous measures taken against e-commerce and online education companies.
Asian markets have begun to falter in the wake of rising COVID-19 infections. The Nikkei 225 and Hang Seng have both shown losses coming into this week
The Chinese government ordered e-commerce giant Alibaba to sell off its media assets on Tuesday as Beijing continues its fight against monopolies.
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