TCEHY - Alibaba Baidu among decliners in wake of Chinese government fines

Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU) and other Chinese Internet stocks dipped into the red, Monday, in the wake of Beijing regulators levying a slate of fines for breaching antitrust laws in China. Over the weekend, China's State Administration for Market Regulation slapped 43 companies with fines equal to $78,000 each for not properly disclosing acquisitions, some of which dated back to 2012. The fines came amid ongoing pressure from the Chinese government due to its concerns about anti-trust and data-privacy issues in the country's tech sector. Among the companies receiving fines, Alibaba (BABA) shares dipped by 2.5%, Baidu (BIDU) was off by 2% and Tencent Holdings (OTCPK:TCEHY) also edged down by 2%. Other Chinese tech companies that lost ground, Monday, included Pinduoduo (NASDAQ:PDD), down by 2.3%; Joyy Inc. (NASDAQ:YY), off by 0.6%, and JD.com (NASDAQ:JD), which fell almost 4%. The KraneShares CSI China Internet ETF (NYSEARCA:KWEB) was down 2% on the

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Alibaba, Baidu among decliners in wake of Chinese government fines