JP Morgan Chase analysts said it was uncertain whether firms could continue to be traded on stock markets under the new regime, adding that “in our view, this makes these stocks virtually un-investable”. New Oriental Education and Technology Group crashed 40 percent in Hong Kong, having dived a similar amount on Friday as speculation about the move circulated on social media.
Its New York-listed shares collapsed 54 percent. Koolearn Technology dived more than 30 percent and China Maple Leaf Educational Systems shed 16 percent. Tech firms also took a hit in response to Beijing’s latest moves against the sector as it told Tencent to relinquish its exclusive music label rights, saying the firm had violated antitrust laws. Tencent bought a majority stake in rival China Music Group in 2016, effectively controlling more than 80 percent of exclusively held music streaming rights domestically, the State Administration for Market Regulation said in a statement. Tencent fell around five percent and Alibaba was off more than four percent. In other markets, Shanghai dropped more than one percent, as did Manila, while there were also losses in Singapore, Seoul, Wellington and Taipei.
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