Shining Bangladesh Wednesday | 20 October 2021

Headline

World Bank ups Bangladesh`s GDP forecast to 6.4% Khelafat Majlish leaves BNP-led 20-party alliance Bangladesh to vaccinate 8 million on PM Hasina`s birthday PM Hasina places six proposals to fight Covid in UNGA Want actions, not words: PM Hasina on Rohingya crisis Declare Covid vaccines as global public good: PM Sheikh Hasina PM Hasina seeks US investment in ICT, renewable energy India sees record economic growth during Covid surge

China stocks see biggest slump in US since 2008

International desk || shiningbd

Published: 13:48, 27 July 2021  
China stocks see biggest slump in US since 2008

Shares of Chinese companies listed in the US have seen their biggest two-day fall since the 2008 financial crisis.

The Nasdaq Golden Dragon China Index, which follows the 98 biggest US-listed Chinese stocks, has fallen by almost 15% in the last two trading sessions.

The index has now plummeted by more than 45% since hitting a record high in February.

The slump comes after a series of crackdowns by Beijing on its technology and education industries.

This has led to around $770bn (£556bn) being wiped off the value of US-listed Chinese stocks in the last five months alone.

The latest blow came as Beijing unveiled a massive overhaul of China's $120bn private tutoring sector, under which all institutions offering tuition on school curricula will be registered as non-profit organisations.

The new rules also said: "Curriculum subject-tutoring institutions are not allowed to go public for financing; listed companies should not invest in the institutions, and foreign capital is barred from such institutions."

That pushed down the stock market value of private education firms in the US, Hong Kong and mainland China.

Chinese authorities are also cracking down on a wide range of online services from ride-hailing app Didi to Tencent's music streaming platforms.

Shares in Tencent fell by another 7% on Tuesday in Hong Kong after China ordered the technology giant to end exclusive music licensing deals with major record labels around the world.

Regulators said the move was aimed at tackling the company's dominance of online music streaming in the country.

 

Shiningbd/Mb


Notice: Undefined variable: sPopper in /mnt/volume_sgp1_04/shin25g67b8d/public_html/details.php on line 650