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.
Hot Blue Chip Stocks To Invest In Right Now: Dicerna Pharmaceuticals, Inc.(DRNA)
Dicerna Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the discovery and development of treatments for liver diseases and cancers based on a proprietary RNA interference technology platform in the United States and internationally. The companys development programs include DCR-PH1 for the treatment of primary hyperoxaluria type 1 (PH1) through targeting the gene encoding the liver enzyme glycolate oxidase; and other rare inherited diseases involving genes expressed in the liver. It is also developing DCR-MYC, which is in Phase I clinical study for the treatment of various cancers in patients with solid tumors, multiple myeloma, or lymphoma, as well as in Phase Ib/II clinical trial to treat cancer in patients with advanced hepatocellular carcinoma. In addition, the company is developing KRAS oncogene, a gene that is mutated in various cancers, including non-small cell lung cancer, colorectal cancer, and pancreatic cancer; and a therapeutic targeting a second cancer-related gene. It has a research collaboration and license agreement with Kyowa Hakko Kirin Co., Ltd. for the research, development, and commercialization of Dicer substrate short interfering RNAs (DsiRNA) molecules and drug delivery technologies for therapeutic targets in oncology; license agreement with City of Hope, an academic research and medical center to manufacture, use, offer for sale, sell, and import products related to DsiRNA for the prevention and treatment of various diseases in humans; and license agreement with Plant Bioscience Limited to research, discover, develop, manufacture, sell, import, and export products incorporating short RNA molecules. Dicerna Pharmaceuticals, Inc. was founded in 2006 and is headquartered in Cambridge, Massachusetts.
Advisors’ Opinion:
- [By Reuben Gregg Brewer (TMFReubenGBrewer)]
Gold has long been viewed as a safe haven investment, and with the S&P 500 index trading near all-time highs it’s understandable if you want to add some to your portfolio. But how do you go about doing that? Gold bullion, gold miners, gold-linked ETFs? Actually, one of the best ways to get precious-metals exposure is with streaming and royalty companies like Royal Gold (NASDAQ:RGLD), Franco-Nevada (NYSE:FNV), and Wheaton Precious Metals (NYSE:WPM). Here’s a look at each.
- [By Garrett Baldwin]
THREE STATES just legalized marijuana, and these three stocks could potentially see a 1,000% boost. Click here to learn more…
Stocks to Watch Today: TSLA, NFLX, AAPL, GM
Tesla Inc. (NASDAQ: TSLA) is back under pressure after the latest charges by the U.S. Securities and Exchange Commission (SEC) against CEO Elon Musk. According to an SEC debate, Musk violated a gag order by failing to seek approval for his tweet on expected production targets for the firm’s electric vehicles. The SEC says Musk’s tweet was a “blatant” violation of an existing settlement agreement. Musk had previously paid a hefty sum and relinquished his role as chair after tweeting he was thinking of taking the company private without filing such plans with the agency. TSLA stocks are off 0.6% on news that the SEC is reportedly seeking contempt of court charges against Musk. The streaming battle between Netflix Inc. (NASDAQ: NFLX) and Apple Inc. (NASDAQ: AAPL) is heating up. Netflix CEO Reed Hastings announced that his company would not provide its original films and TV shows on Apple’s newest video service. Apple is expected to unveil its own streaming service to its subscriber base next week. As the streaming wars continue to heat up and the competition grows more intense, some analysts are worried about the long-term viability of Netflix’s platform. Shares of General Motors Co. (NYSE: GM) are in focus as ride-sharing giant Lyft prepares to launch its IPO. General Motors owns a significant stake in Lyft, prompting some investors to demand that GM sell its private shares and return what could be worth up to $1.27 billion to GM investors. However, some investors would prefer that GM hold onto its stake ahead of the Lyft IPO for strategic purposes. Look for earnings reports from China Telecom Corp. Ltd. (NYSE: CHA), DSW Inc. (NYSE: DSW), FedEx Corp. (NYSE: FDX), Franco Nevada Corp. (NYSE: FNV), and Steelcase Inc. (NYSE: SCS).
Did You See John Boehner’s SHOCKING Marijuana Prediction?
