Alibaba shares plunge after more Chinese regulatory threats
Shares of Alibaba fell 8.26% Tuesday
‘The New Retail’ author Michael Zakkour discusses stocks like Alibaba, Bed Bath & Beyond and Home Depot.
Chinese e-commerce giant Alibaba had its worst day in years as Chinese regulators threatened to tighten their grip on large internet platforms.
Shares of Alibaba stock fell 24 points, or 8.26%, Tuesday.
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Its plunge comes on the same day that China’s State Administration for Market Regulation published draft rules that could prevent monopolistic behavior by internet platforms, Reuters reports.
Other dominant Chinese companies also fell on the news.
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Tencent Holdings fell 4.76 points, or 6.06%.
Taobao and Tmall marketplaces, or JD.com, fell 4.78 points, or 5.63%.
Another Chinese shopping service, Meituan, fell 4.6 points, or 10.02%.
This is just the latest regulatory threat for Alibaba. Ant Group, which Alibaba owns a third of, had the brakes slammed on its blockbuster IPO last week after reports that Alibaba CEO Jack Ma was summoned to meet with China's central bank.
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The Associated Press contributed to this report.