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China Plans Crackdown on Social Media 'Fake News' and These Big Tech Names Tank

China's cyberspace watchdog has ordered a crackdown on what it calls "hazards to national security" on social media websites in an effort to tighten controls on the spread of news ahead of the country's Communist Party Congress later this year.

The move, which was unveiled Friday by the Cyberspace Administration of China, sent shares in some of the country's biggest tech companies sharply lower as investors fretted about...