RT.com
23 Nov 2021, 17:42 GMT+10
Tech giant Alibaba's stock continued to tumble on Tuesday, falling 18% this month and wiping out all of October's gains on concerns over possible renewed regulation of online platforms in China.
The company's shares were down 3% at HK$132.90 as of 11:06am in Hong Kong (03:06 GMT), hovering near record lows. Brokerages say that they see rival JD.com as a buy with much better profitability.
China's State Administration for Market Regulation said over the weekend that it had fined Alibaba, Tencent, and Baidu, among other tech companies, for breaching antitrust law by failing to declare deals as far back as 2012.
The competition regulator imposed a fine of 500,000 Chinese yuan ($78,279) for each of the 43 cases listed in its investigation.
Moreover, on Monday Deutsche Bank cut its target price for Alibaba's Hong Kong stock by almost 4%, citing "near-term challenges." The bank has raised its target for JD.com by 16%, noting "resilient growth amid macro uncertainties."
Ramiz Chelat, a senior portfolio manager at Vontobel Asset Management, told Bloomberg that Beijing's tech crackdown means Alibaba will have to shift about 5% of its e-commerce revenue to its competitors, including JD.com and Pinduoduo.
JD.com, which was also down on Tuesday, in line with the wider market, is up about 46% from its August low. The company earlier reported more than a 25% jump in third-quarter revenue, saying that its "growing consumer mindshare" helped drive the results.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of International Travel News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to International Travel News.
More InformationNEW YORK, New York -U.S. stock markets closed with broad gains on Thursday, led by strong performances in U.S. tech stocks, while European...
LONDON/STOCKHOLM: The Persson family is ramping up its investment in the H&M fashion empire, fueling renewed speculation about a potential...
PARIS, France: L'Oréal is making a fresh play in the booming premium haircare segment with a new acquisition. The French beauty conglomerate...
MENLO PARK, California: Robinhood is giving European investors a new way to tap into America's most prominent tech names — without...
NEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time...
NEW YORK CITY, New York: The U.S. dollar continues to lose ground, weighed down by growing concerns over Washington's fiscal outlook...
KABUL, Afghanistan: Afghanistan, long associated with war and instability, is quietly trying to rebrand itself as a destination for...
EVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
NEW DELHI, India: India has decided not to allow a United Nations (UN) investigator to join the investigation into the recent Air India...
Dehradun (Uttarakhand) [India], July 4 (ANI): Uttarakhand Chief Minister Pushkar Singh Dhami said that preparations are underway for...
AJMAN, 4th July, 2025 (WAM) - Following the resounding success of its first edition, the Ajman Department of Tourism Development (ADTD)...
BEIJING, July 3 (Xinhua) -- China will organize an array of cultural events to mark the 80th anniversary of the victory in the Chinese...