12.28.2020 02:Dec AM EST
Alibaba Hong Kong Shares Fell By 7% In Monday Trade Amid Ant Group s Order to Rectify Business
Alibaba s stock prices in Hong Kong have reportedly plummeted by 7,01% in Monday trade. The Chinese tech giant came under fire after the government ordered Ant Group, an Alibaba affiliate, to recitify its business and prevent monopolistic practices.
As initially reported by CNBC, this is not the only Chinese-based large company to fall in the market. Tencent Holdings Ltd, a multinational tech conglomerate known for its ownership of popular video game PUBG, also dived by 4,77%. Meituan-Dianping, a local marketplace company, slipped by 5,3%.
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