The stock prices of China’s big internet companies fell Friday after the country’s legislative body adopted a new, strict privacy law to come into force on November 1.
Alibaba shares were down 2.6%, with Tencent Music falling 3% before recovering later in the day. Hong Kong’s Hang Seng Index fell 1.8% and the CSI 300 composite of Chinese blue chips dropped 2%.
A report by the official Xinhua News Agency said that the law was voted by the National People’s Congress and promulgated immediately by president Xi Jinping.
Its passage marks another....More>>>