China issues new draft rules to further rein in anti-competitive practices which prohibits forced exclusivity, soliciting fake reviews, and protect intellectual property and brand reputation. It triggered a sell-off wave for Chinese tech companies, including Alibaba Group, Tencent, Baidu, and Bilibili. TheWallStreetJournal

Tencent’s total revenue in Q2 exceeds $42 billion, a 23% increase year-on-year. “During the recent Henan floods, Tencent Docs, our cloud-based productivity solution, played a valuable role.” Ma Huateng said. Pandaily

Smartphone manufacturer OPPO sets up a new camera innovation laboratory at its R&D centre in Hyderabad, India, dedicated to developing functions for the Indian and South Asian markets. Pandaily

Baidu boss Robin Li unveils Robocar, with zero-gravity seats, voice and facial recognition, and advanced AI capabilities, the prototype vehicle is “more robot than car”. SCMP

Shenzhen says emphatic “no” to cryptocurrency as People’s Bank of China “cleansed” 11 companies for their involvement in suspected illegal cryptocurrency activities as part of a special campaign. SCMP