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- Chinese technology stocks were mixed in afternoon trading, Tuesday, with the sector highlighted by a report that Tencent Holdings (OTCPK:TCEHY) blacklisted more than a dozen companies last year.
- According to CNBC, Tencent (OTCPK:TCEHY) said it blacklisted 13 companies, and fired 70 employees in 2021 as part of a crackdown on graft by the Chinese social media and gaming company. The cases reportedly involves bribery and embezzlement, and Tencent (OTCPK:TCEHY) said it will no longer work with the blacklisted companies and has reported some of the fired employees to public authorities in China.
- Tencent (OTCPK:TCEHY) shares rose 1.2% Tuesday afternoon. Among other notable Chinese tech companies, Alibaba (NYSE:BABA) was off by 0.6%, Weibo (NASDAQ:WB) and Bilibili each rose 1.1%, Baidu (NASDAQ:BIDU) was up by almost 2%, JD.com (NASDAQ:JD) edged up by 1% and the KraneShares CSI China Internet ETF (NYSEARCA:KWEB) remained at its breakeven point.
- Chinese ride-sharing giant DiDi Global (NYSE:DIDI) slumped more than 7% on no apparent company news. On Monday, DiDi shares lost ground, and the rest of the Chinese tech sector was caught up in a wild day of broad market swings.