Alibaba shares plunge about 8% amid pressure from Chinese regulators

Shares of Chinese tech giant Alibaba in Hong Kong were again in the spotlight on Monday after Chinese regulators demanded that Alibaba subsidiary Ant Group make changes to its business..

By the close of the Hong Kong market on Monday, Alibaba shares fell 7.98%, exacerbating the company’s losses. Shares also fell last Thursday after reports that Chinese regulators would be screening the tech giant for suspicions of antitrust violations..

Other Chinese tech companies that are listed in Hong Kong also dropped significantly yesterday, with Tencent shedding 6.65% and Meituan falling 6.88%. Shares of China’s largest chip maker SMIC also fell 4.2% in Hong Kong trading.

Broader Hang Seng Tech Drops 4.26% On The Day To 7,795.78.

Stock trading in Asia was mixed on Monday due to the start of the last trading week of 2020.

In Japan, the Nikkei 225 added 0.74% to end at 26,854.03, while the Topix rose 0.54% to end the day at 1,788.04. South Korean Kospi close slightly higher to 2,808.60.

Mainland Chinese stocks were inactive during the day, with the Shanghai index virtually unchanged at 3,397.29 and the Shenzhen component up 0.193% to 14,044.10. The Hong Kong Hang Seng Index fell 0.27% to 26,314.63 points.

MSCI, the broadest Asia Pacific stock index outside Japan, up 0.09%.

Chinese industrial companies’ profits in November rose 15.5% year-over-year, according to data released by the country’s National Bureau of Statistics over the weekend..

Alibaba Shares Continue To Fall Amid Chinese Government Pressure On The Company

Markets in Australia and New Zealand were closed on Monday for a holiday.

In connection with the development of the situation with coronavirus, the President of the United States Donald Trump still signed the economic aid and government funding bill days after proposing to block it.

The US Dollar Index, which tracks the dollar against a basket of peers, stood at 90.093 after declining from levels above 90.4 in recent days.

The Japanese yen traded at 103.46 per dollar yesterday after seeing levels below 103.4 per dollar last week. Aussie changed hands at $ 0.7613 after recovering from falling to below $ 0.75 last week.

Oil prices were higher in the afternoon of trading in Asia, with futures for Brent crude on the world market rising 0.18% to $ 51.38 a barrel. US oil futures rise 0.25% to $ 48.35 a barrel.

Alibaba Shares Continue To Fall Amid Chinese Government Pressure On The Company

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