News Snapshot:
Key News Asian equities followed the US’ Friday underperformance overnight. Hong Kong-listed internet stocks were hit today as the Ministry of Industrial and Information Technology (MIIT) reiterated that internet companies cannot block competitors on their platforms. This should not have been news as we knew this already, but, combined with a Financial Times article stating that Ant Group would need to separate their loan business from their mobile payment business in a new entity, took the wind out of the space. It is worth noting that the FT article only quoted “unnamed sources”. I’m surprised investors haven’t become more skeptical...
