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Tencent Music Entertainment Slips 9% On Chinese Crackdown On Tech Cos.

Shares of Tencent Music Entertainment Group (TME), an online music entertainment platform in China, are slipping nearly 9% on Tuesday morning, hurt largely by the news that China has widened its crackdown on several U.S.-listed Chinese tech companies.

TME is currently trading at $13.83, down $1.30 or 8.59%, on the Nasdaq.

Tencent Music Entertainment operates online music entertainment platforms that provides music streaming, online karaoke, and live streaming services in China. It offers QQ Music, Kugou Music, and Kuwo Music.

China's cybersecurity regulator on Monday instructed online apps stores to remove Didi Chuxing's ride-hailing app. The Cyberspace Administration of China on Monday said the Didi app had been illegally collecting and using personal data. The CAC had last week announced plans to investigate Didi's operations.

The CAC has also halted new user registrations at Full Truck Alliance Co. and Kanzhun Ltd.'s online platforms as it probes the companies as well.

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