WeChat Blocks China Evergrande Message Groups: Reuters

September 29, 2021 5:17 PM | 1 min read |

Tencent Holdings Ltd's TCEHY WeChat has blocked some instant messaging groups used by China's Evergrande Property EVGPF debtors to organize protests and discuss claims, Reuters reports.
Interestingly, some WeChat users complained on Weibo Corp WB that WeChat had blocked their Evergrande-related groups.
WeChat barred eight users across at least eight different groups, around 200 to 500 people from September 28.
The Evergrande crisis weighed down under $305 billion in debt and, amid a cash crunch, poses a challenge for the government and could trigger unrest by local investors, suppliers, and homebuyers.
Angry home buyers and retail investors launched protests in several cities, including WeChat, to voice their grievances.
Price Action: TCEHY shares closed lower by 1.19% at $58.30 on Wednesday.
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