The Chinese internet giant Tencent said Tuesday that it had temporarily suspended new user registrations for its hugely popular WeChat app, raising fears of new regulatory pressures even as it insisted the outage was the result of a technical upgrade. The timing of the suspension left investors uneasy, with concerns mounting that a regulatory rampage aimed at the technology sector could heavily affect Tencent, China’s largest internet company. By far the company’s most important product, WeChat dominates Chinese social media, allowing users to do everything from share photos and chat to pay for coffee and pay bills. Tencent’s shares closed down almost 9 percent in trading in Hong Kong. Overall, it was a rough day in Chinese stock markets, with the Hang Seng Index in Hong Kong dropping 4.2 percent and the Shanghai Composite down 2.5 percent, amid concerns over Beijing’s regulatory crackdown.

Source: New York Times July 27, 2021 11:26 UTC