Alibaba Securities Hit Historic Low on Hong Kong Stock Exchange
Shares of the Chinese company Alibaba plummeted to historic lows during trading on the Hong Kong Stock Exchange. At the maximum, the securities lost 6.7 percent, according to trading data. Later, the stock recovered slightly, but at the close it remained in the red by 5.54 percent, stopping at 162.1 Hong Kong dollars (20.81 US dollars).
The sale of securities of the Internet giant continued on the stock exchange in New York. Alibaba's GDRs shed 4 percent in preliminary trading on Thursday to $ 165.26 a share. The reason for the fall was the actions of the Chinese authorities, which thought about new restrictive measures for their own companies, Bloomberg points out. Now they can affect the rights of drivers who work in large Internet companies, as well as video streaming services.
Earlier in August, shares of Chinese giants Tencent and Alibaba plummeted nearly five percent after they released the draft rules to regulate certain online activities. Online platforms will be obliged to open negative reviews and prohibit promoting only positive ones.