CXSE - Shanghai closes down 2% as China continues regulatory tech assault; SEC warns of investment risks

Another day, another crackdown. China's market regulator is at it again, issuing fresh draft rules at stopping unfair competition on the internet. They cover a wide range of prohibitions, including the way companies can use data and stamping out fake product reviews. The State Administration for Market Regulation could also hire third-party institutions to audit data if an operator falls foul of the guidelines. Bigger picture: Public opinion on the new rules will be sought until Sept. 15 as the regulator continues a far-reaching onslaught against the country's technology sector. Beijing has already targeted the internet platform economy, for-profit tutoring, music licensing, online payments and may soon take aim at gaming. Chinese internet giants like Alibaba (NYSE:BABA) and Tencent (OTCPK:TCEHY) sold off on the latest developments, while the Shanghai Composite Index ended the day down 2%. Meanwhile, SEC Chairman Gary Gensler issued his most direct warning yet about investing in Chinese

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Shanghai closes down 2% as China continues regulatory tech assault; SEC warns of investment risks