tech giants? beijing dangles its antitrust laws are big players like alibaba in 10 sets. and markets react harshly. also on the show will visit one of china's most popular tech firms, ride sharing app, g.t. true, saying, and take a ride in its new autonomous car, just outside shanghai. i mean, a group of berlin tech workers joining together to promote diversity in a sector that tends to look pretty marginal flow. and welcome to the show. i'm stephen beardsley in berlin. it's good to have you with us. and shares of ali baba and 10 cent fell sharply on wednesday. it by concerns of a new anti trust legislation by the chinese government. beijing has published the 1st draft of anti monopolistic rules aimed at the country's tech giants, or they are not accused of any wrongdoing. investors fear the new rules could impact their growth in the future. alibaba shares were down more than 8 percent before slightly recovering. that on the same day, it announced record turnover from its singles, day sales promotion and beijing's actions come on the heels of growing regulatory moves again

tech giants? dangles its anti trust laws over big players like ali baba and tencent and markets react. we'll talk to our financial correspondent. speaking of alibaba, e-commerce retailer cashes in on singles day. as the world world's largest sales event this year, it's even bigger. and the shine is wearing off albania's proem industry, with orders down due to the pandemic and workers concerned for their livelihoods. hello and welcome to the show. i'm stephen beardsley in berlin. it's good to have you with us. the shares of alibaba and 10 cent fell sharply on wednesday. hit by concerns of a new anti trust legislation by the chinese government. beijing has published a 1st draft of the monopolistic rules aimed at the country's tech giants. well, they are not accused of any wrongdoing. investors fear that new rules could impact their growth in the future. alibaba shares were down more than 8 percent on the day . that on the same date announced record turnover from its singles day sales promotion. beijing's actions come on the heels of growing regulatory action elsewhere against tech. the u.s. justice department suing google for antitrust violations la

tech giants? beijing dangles its anti trust laws over big players like ali baba and $0.10 and markets react. we'll talk to our financial correspondent. speaking of alibaba, the e-commerce retailer cashes in on singles day. it's the world world's largest sales event. this year. it's even bigger. and the shine is wearing off albania's proem industry with orders down due to the pandemic and workers concerned for their livelihood.

big chinese tech giants yesterday. jon, some of those names are recovering today you'll see their hong long listings in u.s. where alibaband jd.com, they are recovering up to 1% and 2% today, jon. >> and, carl, i'm wondering what this really means, the idea of china doing an anti-trust crackdown against tech giants. it's interesting because you had u.s. tech giants like facebook, especially, but google saying, too, if you crack down on us these chinese governments are going to have all the power and they're going to be the huge and have all the data. it sort of shifts the narrative somewhat if the chinese giants are getting cracked down on. i wonder how much of this is political and how much of this might be because chinese tech giants have power in and of themselves they keep insisting they're not beholden to the communist party in china maybe there's some truth to that and the powers that be in china are trying to rail them in -- to reel them in to try to balance out their own power. but we'll see, carl, we'll see >> to your point, jon, politics may be playing a big role here cramer's point this morning is you don't wa

big tech giants, a big piece of the criticism would be why would we shoot ourselves in the foot and why would china do anything to undermine the companies ? look at deidre's interview earli earlier and we love alibaba china won't undermine its advantage there, right >> such a revealing interview that deidre had in the last hour and in a way china is trying to strike a balance of creating a framework for these companies to operate in so they don't stun growth for some of the new companies that are coming in by the way, here's another hot take not all the regulation that china sim posing is bad, yeah. i will say it. the video game restrictions they put in place because they were concerned about the chinese getting addicted to video games during the pandemic. put in these restrictions to help with mental health. who knows if that actually is working. >> thank you. >> i thought that was an interesting one to put in place. >> why weren't we doing that here in the u.s. >> thank you, seema, so important to note that not all of these restrictions are bad especially when it comes to ant group and people getting credit that should be maybe getting question look at jaccoma's comments about the banking system