BEIJING • With 22 pages of vaguely worded edicts, China has cast doubt on the future of its biggest Internet companies and ignited a US$290 billion (S$391 billion) equity sell-off.
Investors are now working out how bad it might get for Alibaba Group Holding, Tencent Holdings and other Chinese Internet giants as President Xi Jinping's government prepares to roll out a raft of new anti-monopoly regulations.
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