China seeks to tighten rules on unfair internet competition sending techs shares lower

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GUANGZHOU, China — China’s market regulator issued draft rules on Tuesday aimed at stopping unfair competition on the internet, as Beijing continues its broad crack down on the country’s technology sector.

The rules published by the State Administration for Market Regulation (SAMR) cover a wide range of areas to prohibitions on the way companies can use data to stamping out fake product reviews.

Chinese listed technology stocks in Hong Kong fell sharply on that news. Gaming giant Tencent was 3.5% lower in late morning trade, while e-commerce giant Alibaba fell 2.5%.

SAMR’s latest rules continue Beijing’s regulatory assault on China’s technology giants.

This is a developing story. Please check back for more.

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