China's new data law gives Xi Jinping the power to shut down tech firms

Chinese tech stocks were mixed Friday. Alibaba fell 1.2 per cent and Tencent slipped 0.8 per cent at the close in Hong Kong.

China’s new data security regime gives President Xi Jinping the power to shut down or fine tech companies as part of his drive to wrest control of vast reams of data held by giants like Alibaba Group Holding and Tencent Holdings.
 
Firms found mishandling “core state data” can be forced to cease operations, have their operating licenses revoked or fined up to 10 million yuan ($1.6 million) under a law passed on Thursday by the nation’s top legislative body.
 
Companies that leak sensitive data abroad can be hit with similar fines and punishments, and those providing electronic information