China cracks down on online video games
The move has chinese tech stocks continue their downward movement.

China's bubbly tech sector has been hit by a massive regulatory storm since Alibaba Group Holdings (NYSE: BABA) founder Jack Ma criticized his country's government for what it believed to be excessive regulation last year. Beijing hit back by canceling the much anticipated IPO of Ma's Ant Group - the world's largest fintech firm - before putting the company on a "rectification process" announcing that it would "prevent the disorderly expansion of capital" from now on. Well, it turns out that the Beijing authorities haven't bluffed if current developments are any indication. In the past few months, sweeping action in various sectors of the Chinese economy has sent shock waves across global financial markets, with American investors coming into the line of fire in some of the hottest sectors. Initially, Beijing cracked down on the crypto space by restricting bitcoin mining over concerns about excessive speculation and warning financial institutions not to offer crypto services. Then regulators targeted Chinese ride-hailing giant Didi Global Inc. (NYSE: DIDI) for alleged data security violations before Chinese antitrust agency Tencent Music Entertainment (NYSE: TME)) asked for its exclusive music licensing rights to online - Submit music. And now, Beijing has wielded the whip on China's expansive online gaming sector.





