China expands power in cyberspace with new rules on digital platforms

TSMC overtakes Tencent to become Asia's most valuable company; Alibaba at record low in HK

The rout in Chinese technology giants deepened on Thursday after the industry was hit with a fresh round of proposed regulations.
 
The Hang Seng Tech Index closed 2.9 per cent lower after earlier falling to lowest since its inception in July 2020 with Alibaba Group slumping 5.5 per cent to a record low in Hong Kong.
 
China’s market regulator issued draft rules aimed at stopping unfair competition on the internet, as Beijing continues its broad crack down on the country’s technology sector.
 
Top antitrust regulator the State Administration for Market Regulation issued sweeping draft rules governing online