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China Tech Selloff Swells to $200 Billion on Antitrust Rules
Chinese technology shares tumbled for a second day after Beijing clamped down on the internet industry, wiping out more than $200 billion of value.
The Hang Seng Tech Index slumped 5.3% on Wednesday in Hong Kong, taking its two-day loss to almost 10%. Shares of Alibaba Group Holding Ltd., Tencent Holdings Ltd., JD.com Inc., Meituan and Xiaomi Corp. sank at least 8% over two days after the Communist Party unveiled regulations to root out monopolistic practices in the internet industry. Tech is the latest sector to be targeted by Beijing after new curbs on financial firms that triggered the shock suspension of Ant Group Co.’s $35 billion stock sale last week. Xi Jinping’s government is increasingly curtailing the influence of private corporations that dominate its burgeoning internet, e-commerce and digital finance industries, pivoting away from its previously hands off approach. China’s antitrust watchdog is seeking feedback on rules that establish a framework for curbing anti-competitive behavior such as colluding on sharing sensitive consumer data, alliances that squeeze out smaller rivals and subsidizing services at below cost to eliminate competitors. They may also require companies that operate a so-called Variable Interest Entity a vehicle through which virtually every major Chinese internet company attracts foreign investment and lists overseas to apply for specific operating approval. “Internet giants have expanded their reach into various sectors like finance and health care that are vital to the economy and that really concerns regulators,” said Shen Meng, director of Beijing-based boutique investment bank Chanson & Co. “The move could discourage firms in the tech sector to list in the near term as those impacted will need time to adjust their businesses accordingly.”
China Clampdown on Big Tech Puts More Billionaires on Notice On Nov. 3, policy makers shocked the investment world by suspending an initial public offering by Ant Group, a fintech company owned by billionaire Jack Ma. The decision came just two days before shares were set to trade in a listing that attracted at least $3 trillion of orders from individual investors.
Liang Tao, vice chairman of China Banking and Insurance Regulatory Commission, said on Wednesday that the country will also strengthen its anti-monopoly examinations of the fintech sector. The new regulations for the internet industry signal a “further tightening” of the online economy, although the real impact will depend on how the rules are enforced, JPMorgan Chase & Co. analysts led by Alex Yao wrote in a note. The proposed regulations come at a bad time for tech shares, which are already under pressure from a global rotation that has sent the Nasdaq Composite Index almost 3% this week.
“Beijing’s tightening regulations, including the antitrust laws, is a heavy blow to the technology giants,” said Daniel So, Hong Kong-based strategist at CMB International Securities Ltd. “It’s an additional blow to the shares, when investors are rotating out of the sector into old-economy shares because of the vaccine boost,” he said, adding that firms such as Tencent and Alibaba will continue to face downside pressure.
https://www.bloomberg.com/news/articles/2020-11-11/china-tech-selloff-deepens-to-203-billion-after-antitrust-rules
Pompeo checks off Taiwan talks and UAE F-35s from to-do list
U.S. Secretary of State Mike Pompeo notified Congress on Tuesday that the department has approved more than $23 billion in weapons sales to the United Arab Emirates, widely seen as a reward to the Gulf nation for establishing diplomatic ties with Israel.
Pompeo also announced that Keith Krach, undersecretary of state for economic growth, energy and the environment, will lead a new bilateral economic dialogue with Taiwan on Nov. 20, adding to the list of recent actions by the administration to showcase American support for the island – and one that is sure to anger China.
The two major moves came the day after Defense Secretary Mark Esper's ouster and signaled that President Donald Trump and close ally Pompeo want to put their stamp on diplomacy ahead of Inauguration Day on Jan. 20. Under normal circumstances, such steps could be labeled lame-duck diplomacy and perhaps questioned for limiting the diplomatic choices of the new administration. But these are unusual times. Pompeo raised eyebrows at Tuesday's press briefing by predicting that "there will be a smooth transition to a second Trump administration."
Pompeo announced that he will be embarking on a seven-nation trip from Friday, visiting France, Turkey, Georgia, Israel, Qatar, the UAE and Saudi Arabia. The stops in Israel and the UAE aim to highlight their historic deal. The Saudis, while not establishing ties with Israel themselves, are widely seen as having given their blessing to the UAE's move. Both the weapons sales to the UAE and the economic talks with Taiwan are contentious issues. The weapons the U.S. plans to sell the UAE include up to 50 F-35A fighters and up to 18 MQ-9B drones, as well as missiles, bombs and military software. "We continue to review arms sales all across the world, including to our important friend and partner in the United Arab Emirates, and we're confident we will be able to provide them weapon systems that will ensure their security and do the work that we all need to do collectively to counter the threat from the Islamic Republic of Iran," Pompeo said. Despite the diplomatic breakthrough with the UAE, Israel had opposed the F-35A sale, saying it could alter the balance of power in a dangerous region.
Amnesty International USA issued criticized the deal as reopening "the floodgates for arms sales with weakened human rights criteria, and potential fuel for more brutal conflicts." The economic talks with Taiwan, dubbed the Economic Prosperity Partnership Dialogue, will be held in Washington and will be represented on the Taiwanese side by Chen Chern-chyi, a deputy minister of economic affairs. Pompeo said the talks would include ensuring safe and secure supply chains and 5G security. "The dialogue signifies that our economic relationship with Taiwan, a vibrant democracy and a reliable partner, is strong and growing," he said.
Krach angered Beijing by visiting Taipei in September, making him the most senior State Department official to visit Taiwan in more than four decades. This followed a trip by Health and Human Services Secretary Alex Azar in August.
https://asia.nikkei.com/Politics/International-relations/Pompeo-checks-off-Taiwan-talks-and-UAE-F-35s-from-to-do-list
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o7 muh fren