The Cyberspace Administration of China (CAC), the country’s top internet regulator, have announced widening restrictions on children’s technology usage, with streaming services, social networks and online messaging services now required to limit children’s access time, reports Caixin. Online gaming platforms were required to introduce such limitations last year.
The release of an updated regulatory draft from the CAC accelerated a steep sell-off in the shares of Chinese internet companies that began Thursday in New York after a few biotechnology companies were notified of their pending US delisting.
On Monday, the Hang Seng Tech Index finished 11% below Friday’s close while the main Hang Seng benchmark slid 5%. Tencent Holdings, operator of the ubiquitous WeChat social messaging service, fell 9.8% to HK$331.80 ($42.38). Streaming service Kuaishou fell 12.9% to HK$60.20 while rival Bilibili tumbled 19.4% to HK$133.90.