Chinese stocks fell as investors digested Beijing’s latest signals over a regulatory crackdown that has roiled markets.
public offerings by Chinese companies on U.S. exchanges until risks are better disclosed. A Politburo meetingby President Xi Jinping pledged “improvement” in approving overseas listings by companies, Xinhua reported, without giving details.
“Last week’s selloff may be overdone from a technical, near-term perspective,” CICC strategists led by Hanfeng Wang wrote in a note. “Parts of the market are ripe for entry.” Wang added that a tougher stance by U.S. regulators may further encourage listings in Hong Kong. Shares in bourse operator Hong Kong Exchanges & Clearing Ltd. gained as much as 2.9%.
The Ministry of Industry Information Technology on Friday told 25 of China’s largest internet and hardware companies, including Alibaba Group Holding Ltd. and Tencent Holdings Ltd., to carry out internal reviews and rectify issues ranging from data security to consumer-rights protections. In a separate statement, China’s transport ministry said authorities will step up oversight of ride-hailing and on-demand trucking companies, adding that some firms in the industry are operating irregularly and disrupting fair competition.Investors are grappling with an uncertain regulatory landscape, given the range of industries targeted by the government.
Last week’s steep declines were triggered by China’s move to ban swathes of its booming tutoring industry from making profits. The rout was severe enough for Beijing to signal itsChinese leaders are expected to intensify policy support in the second half of the year to bolster the country’s economic growth amid deceleration, China Daily said in a report on Monday, citing analysts.
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