Alibaba’s stock hits all-time low as China continues relentless big-tech crackdown

Alibaba’s shares have hit all-time lows on the Hong Kong stock exchange as the Chinese government continues its relentless crack down on tech giants.

Shares in the ecommerce giant fell 11 per cent from 184HKD on Friday to 162HKD this morning, hitting their lowest ever levels since it listed on the Hong Kong stock exchange in 2019.

Its shares also dropped on the New York Stock Exchange, where they have been listed since 2014, to near 17-month lows of $172.1.

While it has endured severe reputational damage this month following damning accusations of rape levelled at one of its managers, the decline in stocks was predominantly due to increasing government pressure being piled on the country’s tech giants.

READ MORE: Alibaba’s shares drop as increasing government pressure sees it miss forecasts

A fresh round of regulations were announced this week, aimed at ensuring the rights of drivers who work for online companies, enforcing new privacy laws around data collection, and lacing greater scrutiny on live-streaming, a major source of retail revenue in China.

According to Bloomberg, these fresh regulations have wiped a whopping $1 trillion of the market value of Chinese shares over the last month.

This has encouraged numerous leading fund managers including Ark Invest’s Cathie Wood to dump millions in stock holdings for Chinese companies, including $1.55 million in Alibaba’s stock.

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