The Mainland’s data tax on ATMs fell 3%-Hong Kong Economic Journal website


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Rumors from the Mainland that a “data tax” may be imposed have shaken up the leading stocks of the heavyweight technology network. Alibaba (09988), Tencent (00700) and Meituan (03690), collectively known as “ATM”, lost nearly 268.4 billion yuan in market value in a single day yesterday, pulling the market down by 180 points in total. The Hang Seng Index finally closed at 24651 points, a drop of 299 points throughout the day; and recorded a five-day losing streak, losing 1062 points (4.13%), which was the lowest level in more than a month. Ali’s hacked target price sees a new low...