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Hong Kong stocks end over 1% lower as financials, Mengniu weigh
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Hong Kong shares end lower following U S bond, stock slump
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Николаевские спасатели вытащили автомобиль, застрявший во льду
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7 Jan, 2021 Author Soon Chen KangJiayue Huang
China s crackdown on internet companies, including Alibaba Group Holding Ltd., is unlikely to affect their burgeoning healthcare businesses and could transform the medical sector into a key battleground for e-commerce and tech companies.
COVID-19 and related restrictions on movement have sparked rapid growth in the adoption of online pharmacy and medical services in China in 2020. Online services will continue to disrupt the space due to favorable regulations and the ability of the companies to facilitate easy access to consultations and medicines, especially in rural areas and among the elderly, industry observers said.
Shares in Tencent and Alibaba rival JD.com Inc slid roughly 2% in Hong Kong, while food delivery giant Meituan tumbled more than 4% as investors feared the antitrust net might widen further. Affiliate Alibaba Health Information Technology Ltd posted its biggest two-day slump since July 2015. The People’s Daily the Communist Party mouthpiece ran a commentary over the weekend warning Alibaba’s peers to take the antitrust investigation into Alibaba as a chance to lift their own awareness of fair competition.
“The Chinese government is putting more pressure or wants to have more control on the tech firms,” Jackson Wong, asset management director at Amber Hill Capital Ltd, said by phone. “There is still very big selling pressure on firms like Alibaba, Tencent or Meituan. These companies have been growing at a pace deemed by Beijing as too fast and have scales that are too big.”