Alibaba Group Holding Limited (NYSE: BABA) stock is trading lower Wednesday in line with the broader indexes IShares China Large-Cap ETF (NYSE: FXI) and KraneShares Trust KraneShares CSI China Internet ETF (NYSE: KWEB).
The stocks got some respite Tuesday from PDD Holdings Inc’s (NASDAQ: PDD) upbeat second-quarter results before a selloff.
On Sunday, China announced a reduction in the levy charged on stock trades, restrictions on share sales by top stakeholders at some firms, and lower deposit ratios for margin financing to arrest the market’s decline.
The China Securities Regulatory Commission agreed to slow the pace of initial public offerings, Bloomberg