DIDI - Baidu DiDi other Chinese tech stocks rise in wake of Beijing's new privacy law

Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU) and other well-known Chinese tech companies saw their shares turn around from early losses Friday and head north in the wake of Beijing passing a sweeping new data-privacy law. Early Friday, China's state media outlet Xinhua said the new regulations are aimed at "prohibiting the excessive collection of personal information and big data-enabled price discrimination against existing customers," and will go into effect on Nov. 1. The legislation includes guidelines for how companies can collect individuals' data and gain consent for gathering such data, how that information must be protected when being transferred outside of China, and for companies to appoint a person in charge of protection individual's personal information. The new law comes following a period of extensive pressure from the Chinese government upon its leading tech companies, many of which have their shares traded in the United States. While Chinese tech companies mostly retreated

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Baidu, DiDi, other Chinese tech stocks rise in wake of Beijing's new privacy law