RTTNews | Jul 8, 2021 11:18AM EDT

11:17 Thursday, July 8, 2021 (RTTNews.com) - Shares of FinVolution Group (FINV) are slipping nearly 10% on Thursday morning despite no stock related statement from the Chinese fintech company. However, Chinese tech company's are taking a heavy beating as Beijing is not slowing down with its tech crackdown.

FINV is currently trading at $7.91, down $0.89 or 10.11%, on the Nasdaq.

The Cyberspace Administration of China had started its crackdown with DiDi Global Inc. (DIDI). The native watchdogs removed the company's app from app stores citing data-breach risks. It is also being said that the company was advised to delay its listing in the American market.

The China's antitrust regulator has also fined several internet companies, including Didi, Alibaba (BABA) and Tencent (TCEHY), on charges that they violated Anti-Monopoly Law.

Meanwhile, FinVolution Group is an investment holding company that operates an online consumer finance marketplace in China. It operates a fintech platform that connects underserved individual borrowers with financial institutions.

Read the original article on RTTNews ( https://www.rttnews.com/3207884/finvolution-slips-10-as-chinese-tech-stocks-continue-slip-amidst-crackdown.aspx)

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