The measure, which is believed to have come from President Xi Jinping himself, was accompanied by restrictions on foreign investment in private tutoring companies and is also expected to see advertising bans imposed - as well as restrictions on when tutoring can be made available.The move sent shares of private tuition companies, many of which are listed in Hong Kong, tumbling.
Next came an attack on Tencent, one of China's biggest tech companies, which on Saturday was ordered to give up the exclusive music licensing agreements it has signed with record companies - including Universal Music and Warner Music - around the world. The People's Bank of China is reported to have ordered lenders to raise mortgage rates for first time buyers from 4.65% to 5%.
Shares of the e-commerce giant Alibaba, which also operates a popular delivery service called Ele.me, fell by more than 6%.
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