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....More>>>
