Alibaba and Tencent stocks plunge after latest fines

KIFI

Published July 11, 2022 1:13 AM

By ZEN SOO
AP Technology Writer

HONG KONG (AP) — Shares of Chinese technology firms Alibaba and Tencent have tumbled after Chinese regulators fined their subsidiaries for failing to disclose transactions and not complying with anti-monopoly rules. E-commece giant Alibaba’s shares in Hong Kong dropped 6.8%. Gaming and social media company Tencent Holdings sank more than 3% on Monday. Hong Kong’s Hang Seng index slipped 3%. China’s State Administration for Market Regulation on Sunday published a list of 28 deals that violated anti-monopoly rules. It included five of Alibaba’s transactions and 12 of Tencent’s. A wide-reaching crackdown on the technology sector has often hit stock prices in Hong Kong and Shanghai.

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