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Illustration: Eniola Odetunde/Axios

Tech stocks rebounded slightly in China after Wednesday’s selloff that had been prompted by new antitrust rules proposed by Chinese regulators.

Why it matters: The regulations could limit the power of China’s biggest tech companies. By the FT’s math, the country’s tech sector lost $290 billion in value in the space of two days.

  • The Hong Kong-listed companies that took the biggest hit are Alibaba, JD.com, Xiaomi, Tencent, and Meituan.
  • The Hang Seng Tech Index — comprised of the 30 top technology companies listed in Hong Kong — rose 3.2%, after falling over twice as much on Wednesday.

What’s at stake: These companies will be “forced to adapt and change, sending compliance costs higher and hurting monetization,” Mark Haefele, the chief investment officer of global wealth management at UBS, wrote in a note on Wednesday.

  • But “competition has already intensified in recent years, with ‘incumbents’ (e.g., Alibaba, Tencent) losing market share to ‘disruptors’ (e.g. Pinduoduo, ByteDance), so the consequences will likely be less meaningful given reduced dominance across segments compared to a few years ago,” analysts at Morgan Stanley wrote in a note, per CNBC.

The big picture: It’s the second time this month Chinese officials have spooked investors and mucked up understanding about how tech companies will be able to operate there.

  • Shares of Alibaba were hit last week, after the government halted the colossal Ant IPO listing in Shanghai (then the company pulled the Hong Kong leg, too).

Go deeper

Jan 26, 2021 - World

Former Google CEO and others call for U.S.-China tech "bifurcation"

Illustration: Aïda Amer/Axios

A new set of proposals by a group of influential D.C. insiders and tech industry practitioners calling for a degree of "bifurcation" in the U.S. and Chinese tech sectors is circulating in the Biden administration. Axios has obtained a copy.

Why it matters: The idea of "decoupling" certain sectors of the U.S. and Chinese economies felt radical three years ago, when Trump's trade war brought the term into common parlance. But now the strategy has growing bipartisan and even industry support.

Updated 1 hour ago - World

German election: Exit polls show close race to succeed Angela Merkel

SPD leader Olaf Scholz. Photo: Alex Kraus/Bloomberg via Getty Images

BERLIN — Exit polls from Sunday's German elections showed the center-left Social Democrats (SPD) slightly ahead of the center-right Christian Democrats (CDU) in a tight election race to succeed Angela Merkel.

State of play: Official results were still rolling in, but a partial count showed the SPD ahead with 26% of the vote and the CDU on just over 24%.

Updated 1 hour ago - Politics & Policy

Liz Cheney: Americans deserve better than choice of Biden or Trump

Rep. Liz Cheney talks with Lesley Stahl on CBS' "60 Minutes." Photo: CBS News

Rep. Liz Cheney (R-Wyo.) told CBS' "60 Minutes" in an interview broadcast Sunday that Americans "deserve better than having to choose between" President Biden's "disastrous" policies and former President Trump, "who violated his oath of office."

Why it matters: Cheney made the remarks after CBS' Lesley Stahl put it to her in the interview that Republicans feel that her joining the House select committee in charge of investigating the Jan. 6 U.S. Capitol riot helps "keep the focus on Trump instead of on the shortcomings of the Biden administration."