- 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.
- Photo by Tumisu from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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