U.S.-listed shares of Chinese internet stocks fell after reports indicated that the Chinese government was planning to pass a new privacy law that would impact how companies collect user data.
U.S.-listed shares of Chinese internet stocks fell Tuesday after reports indicated that the Chinese government was planning to pass a new privacy law that would impact how companies collect user data.
Other Chinese tech names were falling as well, including Qutoutiao Inc. QTT, -6.67%, off 5.9%; JD.com Inc. JD, -3.61%, off 3.3%; Baidu Inc. BIDU, -2.86%, down 3.2%; iQiyi Inc. IQ, -2.56%, down 2.8%; and Bilibili Inc. BILI, -2.42%, off 2.6%. Shares of Tencent Music Entertainment Group TME, -12.33%, which reported earnings Tuesday, were down 12.1%.
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