Data privacy law tanks Chinese tech stocks

Alibaba down almost 10%

James Baxter-Derrington
clock • 1 min read
Alibaba founder Jack Ma
Image:

Alibaba founder Jack Ma

Chinese tech stocks have taken a beating following the approval of a strict data privacy law in China, with the Hang Seng Tech index falling 4.5%.

The new laws will take effect from 1 November, and while the full contents of the law are yet unknown, it is known to require internet platforms to establish "robust personal information protection compliance systems", but that firms "must not excessively collect personal information", the FT has reported. BlackRock Investment Institute considers China as separate from other EMs for first time Shares in Alibaba fell 2% overnight following a disastrous session for the Jack Ma founded group, which dropped almost 7% the day previously. It has dragged the Nasdaq Golden Dragon index dow...

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