Shares of Alibaba fell in both Hong Kong and extended-hours U.S. trading as reports surfaced that the Chinese government is conducting an anti-monopoly probe into the tech giant. China’s State Administration for Market Regulation said through official online channels Thursday it has opened an investigation into Alibaba over monopolistic practices. The primary issue named was a practice that forces merchants to choose one of two platforms, rather than being able to work with both.
The news comes on the heels of an increasing — and largely unexpected — push by Chinese authorities to rein in their biggest tech firms through regulatory action. Alibaba confirmed the market regulator’s investigation in a public statement, and said “business operations remain normal.”
Bloomberg first reported the news, which was announced by Chinese state news agency Xinhua. Hong Kong-listed shares of Alibaba dropped more than 8% Thursday as of late-morning trading. New York-traded shares of Alibaba fell more than 3% in after-hours trading on Wednesday.
Alibaba shares fall after reports of anti-monopoly probe by China, CNBC, Dec 24
- USDJPY broke key resistance level 155.00 - Likely to rise to resistance level 160.00…
- Ebay reversed from support level 49.35 - Likely to rise to resistance level 52.55…
Even though the Bank of Japan left the key rate and parameters of the QE…
Market picture Market Dynamics: The cryptocurrency market stabilised, losing just 0.1% of capitalisation and dropping to…
- GBPCAD reversed from key support level 1.6910 - Likely to rise to resistance level…
- GBPAUD reversed from support level 1.9135 - Likely to rise to resistance level 1.9360…
This website uses cookies