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Staff of Reuters 2 Minute Read* The daily quota for HK->Shanghai Connect was utilized 8.4 percent of the time, and the daily quota for Shanghai->HK was used -9 percent of the time. * FTSE China A50 is down 0.2% as of July 5 (Reuters) – On Monday, Hong Kong stocks fell as IT firms fell in response to Beijing’s fresh actions targeting online platform companies and ride-hailing firm Didi. * The Hang Seng index dropped 0.6 percent to 28,143.50, while the China Enterprises Index dropped 1.4 percent to 10,274.18 points, its lowest close since November 4, 2020. * The Hang Seng technology index fell 2.3 percent, reaching its lowest level since mid-May. * Tencent was down 3.6 percent, Alibaba was down 2.8 percent, while JD.com, Baidu, and Meituan were all down between 2.9 and 5.6 percent. * According to Refinitiv data, mainland investors sold a net 6.8 billion yuan ($1.05 billion) worth of Hong Kong stocks on Monday via the Stock Connect, which connects the mainland to the Asian financial hub. * On Friday, China’s market regulator announced draft guidelines to penalise illegal pricing practices such as excessive subsidies and online platforms charging various prices based on a customer’s shopping behavior. According to a statement from the State Administration for Market Regulations, breaking the laws might result in a fine of 0.1 percent to 0.5 percent of a company’s annual sales or potentially the suspension of operations. * Didi Global Inc, China’s largest ride-hailing company, said on Sunday that the removal of its “DiDi Chuxing” app from Chinese smartphone app stores will hurt its revenue.** Earlier on Sunday, China’s cyberspace regulator ordered app stores to stop selling Didi’s app after discovering that the company had illegally collected users’ personal data. ** China’s internet watchdog announced on Monday that it is examining online recruiter Zhipin.com, as well as truck-hailing apps Huochebang and Yunmanman, as part of a stepped-up crackdown on mainland tech firms amid tougher data security regulations. ($1 = 6.4579 Chinese yuan renminbi renminbi renminbi renminbi renminbi renminbi (Shanghai Newsroom contributed reporting; Uttaresh.V edited the piece.)/nRead More

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