Shares of Chinese tech giant Alibaba in Hong Kong were in the spotlight once again on Monday. That came after Chinese regulators ordered Alibaba-affiliate Ant Group to rectify its businesses.
By afternoon in Hong Kong, shares of Alibaba listed in the city plunged 7.01%, adding to losses for the firm. The stock had also dived last Thursday following reports that Chinese regulators will probe the tech behemoth for suspected monopolistic behavior.
Shares of other Hong Kong-listed Chinese tech firms also declined: Tencent fell 4.77% while Meituan slipped 5.3%. The broader Hang Seng Tech index shed 3.27%.
This was the largest one-day drop in Alibaba’s Asia-registered shares since mid-November, when Ant’s IPO, which would have been the world’s largest, was pulled at the last minute after China introduced stricter regulations for financial services.
In separate statements released Thursday, both Alibaba and Ant Group said they had been notified about the regulatory actions and would cooperate.