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alibaba: Stocks of Alibaba and Tencent fell after recent fines from Chinese regulators

July 12, 2022
Source: gadgetsnow.com gadgetsnow.com
News Snapshot:
Shares of Chinese technology firms Alibaba and Tencent fell sharply on Monday, a day after Chinese regulators fined their subsidiaries for not disclosing transactions and failing to comply with anti-monopoly rules. E-commerce giant Alibaba's shares in Hong Kong fell 6.8 percent, while gaming and social media company Tencent Holdings sank 3.2 percent. The Hang Seng index declined 3 percent. China's State Administration for Market Regulation published a list of 28 deals that violated anti-monopoly rules. It included five of Alibaba's transactions and 12 of Tencent's. A wide-reaching crackdown on the technology sector has often hit stock prices in Hong Kong...
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Tags: Alibaba | anti-monopoly | China | Chinese | coronavirus | crackdown | currency | e-commerce | fine | gaming | Giant | Hang Seng | Hong Kong | index | investment | online game | online shopping | Pandemic | Renminbi | Shanghai | social media | stocks | technology | Tencent | Yuan

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