KWEB - Chinese tech companies turn in mixed day on report of more Beijing pressure

Chinese Internet stocks put in a mixed day, Wednesday, following a report that the Beijing government is taking steps to block a method by which companies can go public in foreign countries. A report from Bloomberg said that China will block the companies from going public via variable interest entities, also known as VIEs. A VIE is an offshore holding company that is set up in locations such as the Cayman Islands to facilitate overseas stock listings. The move would be part of an ongoing crackdown by China as Beijing works to assert more control over many of its largest tech companies. Among big-name Chinese Internet stocks, Alibaba (NYSE:BABA) fell almost 4%, Baidu (NASDAQ:BIDU) pulled back by 0.7%, Weibo (NASDAQ:WB) sunk by almost 10%, Bilibili (NASDAQ:BILI) gave up more than 5%, JOYY Inc. (NASDAQ:YY) shed 1.5%, and the KraneShares CSI China Internet ETF (NYSEARCA:KWEB) slipped by 1.5% on the day. Other Chinese companies that ended the day

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Chinese tech companies turn in mixed day on report of more Beijing pressure