Shares of Alibaba, Tencent, other China tech giants sink after new US export rules

Shares of Alibaba, Tencent, other China tech giants sink after new US export rules

Photo: Reuters

Shares in Chinese tech giants Alibaba Group and Tencent as well as chipmakers slumped on Monday, as investors were spooked by new US export control measures aimed at slowing Beijing’s technological and military advances.

The Biden administration published a sweeping set of export controls on Friday, including a measure to cut China off from certain semiconductor chips made anywhere in the world with US equipment.

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