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Alibaba Stock Falls as Beijing Hits China Tech With Proposed New Regulations

News Snapshot:

Alibaba (BABA) – Get Report fell Thursday as the Chinese e-commerce giant and other tech companies buckled under the weight of additional proposed regulations from Beijing. U.S.-listed shares of Alibaba were down 3.5% to $166.25 in premarket trading. Other Chinese tech companies, such as Tencent Music Entertainment (TME) – Get Report, NIO (NIO) – Get Report and Didi Global (DIDI) – Get Report also were in the red. The Hang Seng Tech Index closed 2.9% lower after earlier falling to the lowest since its inception in July 2020. The stocks began tumbling after China said it was studying proposals to…

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