More Trouble Brews For Alibaba, TikTok And Others As China Intensify Livestream Crackdown - Alibaba Gr Holding (NYSE:BABA), Kuaishou Tech (OTC:KSHTY)

China's ban on younger users from sending virtual gifts on Livestream platforms could hamper companies, including Alibaba Group Holding Limited BABA, TikTok parent ByteDance Ltd, and Kuaishou Technology KSHTY, SCMP reports.
The government prohibited Livestream apps from providing minors with facilities for online transfers or virtual gift-purchase services.
In addition, the government also ordered platforms to stop providing Livestream feeds to minors after 10 p.m., Bloomberg reports.
Also Read: Alibaba Loses Live-Stream Shoppers To TikTok Popularized Short Videos
Recently the government hinted at ending a year-long crackdown on China's internet industry, the world's largest e-commerce market, creating technology giants like Alibaba and Tencent Holding Ltd TCEHY. China pledged to support the healthy growth of platform companies amid Covid lockdowns.
Previously, young people could send virtual gifts or cash tokens to Livestream performers, with some platforms claiming a commission fee from the contributions.
The Chinese tech giants have started scaling back following the crackdown.
Price Action: BABA shares closed lower by 4.85% at $90.05 on Friday.