- Alibaba ( NYSE: BABA ) started the week off on a rough note, as its shares fell more than 9% Monday in the wake of the Chinese e-commerce giant being fined by regulators in Beijing for improperly reporting details of some of its past acquisitions.
- Over the weekend, China's state administration for Market Regulation hit Alibaba ( BABA ) subsidiaries with a fine equivalent to $373,000 that was related to failing to file reports on five deals. The Chinese regulators also slapping Tencent Holdings ( OTCPK:TCEHY ) with a fine, a move which sent that company's shares down almost 4% on the day.
- Alibaba ( BABA ) shares ended the day at $109.63, and have fallen almost 8% this year.
- Along with Alibaba ( BABA ), losses also came from JD.com ( NASDAQ: JD ), down almost 4%; Baidu ( NASDAQ: BIDU ), which fell 5.7%; Weibo ( WB ), down more than 10% and NetEase ( NTES ), which gave up almost 5% on the day.
- Last week, several Chinese tech stocks got a lift on reports that Beijing was set to launch a $220B stimulus package to improve China's infrastructure and support the country's economy .
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Why did Alibaba shares fall more than 9% today? China's fines e-commerce giant