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 step in the Chinese government and regulators’ crackdown on the country’s biggest internet companies, tightening the regulation of cyberspace and strengthening compliance requirements, to better protect user privacy.
Chinese authorities in early July announced a cybersecurity probe of Didi, the ride-hailing app, just three days after the company started listing on the New York Stock Exchange. The stock price is down 49% since then.
Best Blue Chip Stocks To Invest In 2023: Virpax Pharmaceuticals, Inc.(VRPX)
Virpax Pharmaceuticals, Inc., a preclinical stage biopharmaceutical company, develops and manufactures non-opioid and non-addictive pharmaceutical products using drug delivery systems for pain management. The company offers products, such as Epoladerm, a diclofenac metered-dose spray film for acute musculoskeletal pain; Probudur (LBL100), long-acting bupivacaine liposomal gel for postoperative pain management; OSF200 for chronic osteoarthritis of the knee; and NES100 (Envelta), an exogenous enkephalin intranasal spray for acute and chronic pain. It also develops PES200 for the management of post-traumatic stress disorder; and MMS019 high-density molecular masking spray to prevent or reduce the risk or the intensity of viral infections in humans, including influenza and SARS-CoV-2 (Covid-19). Virpax Pharmaceuticals, Inc. was founded in 2016 and is headquartered in Berwyn, Pennsylvania.
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Virpax Pharmaceuticals (VRPX) – Get Report shares soared after the company announced a positive pre-investigational new drug response from the Food and Drug Administration on its product to inhibit SARS-CoV-2 and the flu.
Best Blue Chip Stocks To Invest In 2023: Schwab US Large-Cap ETF (SCHX)
Schwab U.S. Large-Cap ETF (the Fund) goal is to track the total return of the Dow Jones U.S. Large-Cap Total Stock Market Index (the Index). The Fund’s index includes the large-cap portion of the Dow Jones U.S. Total Stock Market Index available to investors in the marketplace. The Dow Jones U.S. Large-Cap Total Stock Market Index includes the components ranked 1-750 by full market capitalization. The Index is a float-adjusted market capitalization weighted index. The types of derivatives used by the Fund are options, futures, options on futures and swaps. The Fund may lend its portfolio securities to brokers, dealers and other financial institutions. Charles Schwab Investment Management, Inc. is the advisor of the Fund.
- [By Shane Hupp]
Econ Financial Services Corp bought a new position in shares of Schwab US Large-Cap ETF (NYSEARCA:SCHX) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 31,314 shares of the company’s stock, valued at approximately $1,869,000. Schwab US Large-Cap ETF makes up 2.8% of Econ Financial Services Corp’s holdings, making the stock its 12th biggest holding.
- [By Shane Hupp]
Phocas Financial Corp. reduced its stake in Schwab US Large-Cap ETF (NYSEARCA:SCHX) by 3.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 99,821 shares of the company’s stock after selling 3,040 shares during the quarter. Phocas Financial Corp.’s holdings in Schwab US Large-Cap ETF were worth $6,487,000 as of its most recent SEC filing.
Best Blue Chip Stocks To Invest In 2023: Mercantile Bank Corporation(MBWM)
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial banking services for small-to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit, as well as repurchase agreements. The company also offers commercial and industrial loans; vacant land, land development, and residential construction loans; owner occupied real estate, non-owner occupied real estate, and multi-family and residential rental property loans; single-family residential real estate loans; home equity line of credit programs; and consumer loans, such as loans for new and used automobiles, boats, credit cards, and overdraft protection. In addition, it provides courier services and safe deposit facilities; insurance products, such as private passenger automobile, homeowners, personal inland marine, boat owners, recreational vehicle, dwelling fire, umbrella policies, small business, and life insurance products. The company operates 48 banking offices in Western and Central Michigan; and 48 automated teller machines. Mercantile Bank Corporation was founded in 1997 and is headquartered in Grand Rapids, Michigan.