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Ma’s (B) slapping is not done.
Agree...Crazy what happened, but this company is solid and it’s contributions will not be stopped.
How bad is this?
Down $20.
Not good news...it’s down 9% HANG SENG INDEX ( -$19.00 a share)
No news is good news...
Jack Ma's Ant Group Slashes Credit Limits for Some Younger Borrowers in China; Move shows fintech giant is dialing back risk in its lending business after pressure from Chinese regulators
10:47am ET 12/23/2020 Editor's Picks
Mentioned in article
BABA
News
By Chong Koh Ping
Ant Group Co. cut borrowing limits for some users of its popular digital credit-card service, a sign the financial-technology giant is dialing back risk in its lending business following pressure from Chinese regulators.The Hangzhou-based company on Wednesday said Huabei, one of its consumer-lending platforms, is lowering credit limits for some younger borrowers "to promote more rational spending habits." Ant didn't provide the age range or other details about users who were affected by the changes.Huabei, which means "just spend," lets individual users of Ant's ubiquitous Alipay mobile app borrow money to make purchases online and in stores using their smartphones. Ant, which is controlled by billionaire Jack Ma, calls Huabei a digital unsecured revolving-credit product for daily expenditures. It functions very much like a credit card, letting people borrow interest free for up to 40 days, then charging interest on their outstanding balances.College students and working adults without established credit histories have been able to obtain loans from Huabei, which typically increases individuals' borrowing limits after they repay their loans consistently.The ease and convenience of getting online loans has helped fuel spending among young Chinese consumers, and short-term household debt in China has climbed in recent years. Many shoppers on e-commerce websites operated by Ant's affiliate Alibaba Group Holding Ltd. also use Huabei to fund their purchases.Ant has another popular service called Jiebei, which means "Just borrow," and provides unsecured installment loans.Together the two digital-lending operations have been Ant's biggest growth engine in recent years. They supplied credit to around half a billion Chinese consumers, who had a total outstanding loan balance equivalent to $263 billion at the end of June.Some users of Huabei had recently taken to social media to complain that their credit limits were reduced by half or more to as low as 2,000 yuan to 3,000 yuan, equivalent to $306 to $458. Others with much higher borrowing limits of 30,000 yuan to 50,000 yuan said their caps didn't change.In a listing prospectus filed earlier this year for its now-suspended initial public offering, Ant described the typical Huabei user as "young and Internet savvy but has unmet consumption demand due to the lack of a credit card or insufficient credit limits." The company said at the time the average user had an outstanding balance of 2,000 yuan at the end of June.Ant's move comes as Chinese regulators intensify their scrutiny on fintech companies whose rapid growth and market dominance has disrupted the country's banking sector and brought new potential risks to the country's financial system.Ant, in particular, has become China's biggest facilitator of digital consumer loans, many of which have been funded by small banks and trust companies that often lack sophisticated risk controls. The company supplied funds for just 2% of the outstanding loans it facilitated as of June. About 10% was funded by the issuance of asset-backed securities, and the rest came from banks and trust companies that bore the risk of the loans going bad.In early November, the Chinese government stopped Ant from raising more than $34 billion in blockbuster initial public offerings in Hong Kong and Shanghai, and released draft regulations that would force the company to cough up more of its own capital to support its lendingoperations, or scale them back.Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said in a speech earlier this month that China would focus on "the new too-big-to-fail risk." He said a few tech groups dominated the micropayments business, and it was important to focus on the complexity and potential risks posed by tech giants that ventured into finance.Write to Chong Koh Ping at chong.kohping@wsj.com
Time to shift gears...Jack is wearing diapers to his meeting today, hopefully it goes well.
Chinese Regulators Summon Tech Giants, Intensifying Pressure; Popular online group-buying model triggers scrutiny of Alibaba, Tencent and others
12:02pm ET 12/22/2020 Editor's Picks
Mentioned in article
BABAJDPDD
By Liza Lin
China's market regulator has ordered the country's tech giants to tighten oversight of an emerging e-commerce purchasing model, the latest in a string of moves by authorities to rein in the powerful internet sector.The State Administration for Market Regulation summoned six of China's largest consumer internet businesses, including Alibaba Group Holding Ltd. and Tencent Holdings Ltd., to a meeting Tuesday, according to a statement on its website. The regulator said it would more closely monitor so-called community group buying and warned the companies against illegal actions such as predatory pricing, abusing consumer data for profit and selling fraudulent products.Representatives from food-delivery app operator Meituan, e-commerce companies JD.com Inc. and Pinduoduo Inc. and ride-hailing platform Didi Chuxing Technology Co. also attended the meeting.The session marks Beijing's latest salvo as it increases pressure on China's major consumer internet companies. Many of them enjoyed relatively unchecked growth over the past decade as China sought to develop its own global technology champions. But as the companies have grown powerful, armed with massive consumer data, authorities are increasing scrutiny to keep them in check.In early November, China suspended Ant Group Co.'s blockbuster initial public offering after Jack Ma, the financial technology giant's billionaire co-founder, angered Beijing by criticizing President Xi Jinping's signature campaign to control financial risks.Shortly after, authorities unveiled guidelines to tighten oversight of a burgeoning live-streaming sector. The government subsequently drafted new antitrust rules for technology companies to protect consumer interests and prevent monopolistic behavior. China's leaders also have publicly called for strengthened antitrust efforts.Community group buying involves a group leader appointed by e-commerce platforms, typically a resident in an apartment complex or a grocery store owner. These leaders are incentivized to create large social-media chat groups with as many as hundreds of participants, usually people living nearby. Links are frequently shared within the chat group enabling members to buy products at cheaper prices.This bulk-buying model shot up in popularity after China locked down cities as the coronavirus hit in the first quarter of the year. Many residents couldn't leave home and relied on such chat groups and e-commerce sites to buy groceries.Such purchasing also offers low prices. On one group-buying platform Tuesday, 500 grams, or about 1.1 pounds, of oranges were selling for 1.4 yuan, or about 21 cents, and 30 eggs for 10.9 yuan. In its statement Tuesday, the regulator banned companies from pricing products below cost for group buying to squeeze out competitors.Last week, Chinese regulators fined both Alibaba and Tencent 500,000 yuan, equivalent to about $76,400, for failing to properly report past acquisitions. While the fines were relatively small, observers said regulators were enforcing these rules on foreign-listed Chinese companies for the first time, indicating a new determination to strengthen control over tech firms listed overseasâ??like Alibaba, from which Ant Group sprung.During the Central Economic Work Conference last week attended by Mr. Xi, policy makers agreed to give priority next year to antitrust efforts and regulating data collection and use, as well as consumer protection.Raffaele Huang contributed to this article.Write to Liza Lin at Liza.Lin@wsj.com
Why such a low fine?
News Article
China's Tech Crackdown Turns Toward Tencent-Backed Douyu, Huya Merger
5:58am ET 12/14/2020 Benzinga
Mentioned in article
BABADOYUHUYATCEHYYY
China's market regulators have initiated an investigation into the merger of Tencent Holdings ADR (OTC: TCEHY)-backed live streaming platform Douyu International Holdings Ltd (NASDAQ: DOYU) and video game publisher and live streamer Huya Inc ADR (NYSE: HUYA), Reuters reports.
What Happened: The Huya-Douyu merger deal announced in October, an all-stock deal, was initiated after Tencent had pushed both companies into re-organization. The deal also received written consent from Joyy Inc (NASDAQ: YY), one of Huya's shareholders with a significant stake.
For each ADS held in Douyu, Huya agreed to pay 0.730 ADS (equal to 1 Huya Class A stock) in consideration.
The details about the latest investigation are still unclear.
Why Does It Matter: Off-late, the Chinese authorities are probing into the workings of its tech companies and adherence to regulatory disclosures, reports China Daily.
Reportedly, Tencent was recently fined approximately RMB 500,000 (roughly $76,000) for its deal with the Chinese entertainment company, New Classics Media. Alibaba Group Holdings Ltd (NYSE: BABA) was also fined a similar amount this week over its Intime Retail (Group) Co Ltd deal.
Any good news this week?
Big drop tomorrow...
Why give them 3 years, because we’re nice? Regulations are happening from both countries and this is forging the future.
Maybe your right but 25 trillion in debt could you keep this promise.
That’s a positive projection.
“Either they bow down, and comply to laws, or stand foolish and fall. “
They have 3 years to determine their worlds fate, they’re trying to control 1.4 billion people with their decision’s. Time will tell.
According to your 2 options I think your saying they plan on falling.
If they comply and meet the standards that you believe in will that change your opinion?
If they don’t comply that would mean they don’t need us and that’s not a good thing.
Still getting punished on the....
HANG SENG INDEX
(Stock Exchange of Hong Kong Limited:HSI)
26,514.47
Delayed Data
As of 9:18pm ET
+172.98 / +0.66%
Today’s Change
21,139TODAY
|||
52-Week Range
29,175
-5.95%
Year-to-Date
Chart
Quote Details
Previous close 26,341.49
Open 26,422.71
Day high 26,515.78
Day low 26,375.24
Average daily volume (3 months) 2,027,875,204
Average P/E 1.8
1 year change +0.63%
Data as of 9:17pm ET, 11/30/2020
Companies in the HANG SENG INDEX
Company
Price Change % Change P/E Volume YTD
change
AAC Technologies Rg 44.10 +0.70 +1.61% -- 1.9M -35.07%
AIA Group Rg 87.35 +2.40 +2.83% -- 8.1M +6.72%
Alibaba Grp Rg 255.80 -5.60 -2.14% -- 7.8M +23.55%
Bank of China -H- 2.75 +0.01 +0.36% -- 55.5M
Agree, it’s coincidental that both countries are working on regulating. Baba was moving at warp speed with all its acquisitions.
Any thoughts on these talks?
House to Vote on Booting Chinese Stocks From U.S. Over Audit Rules -- Update
10:35pm ET 11/27/2020 Dow Jones
Mentioned in article
BABA
By Dave Michaels and Alexander Osipovich
WASHINGTON -- Lawmakers next week are likely to force Chinese companies with shares traded on American exchanges to finally comply with audit-oversight rules -- or leave U.S. markets altogether.
House leaders plan to consider a measure on Wednesday that would force Chinese firms such as Alibaba Group Holding Ltd. either to make the transition to getting an annual audit that is reviewed by U.S. regulators, or remove the shares from trading in the U.S. The House plans to vote under rules that limit debate and require a two-thirds majority for passage, according to an online notice posted Friday.
The legislation, if it becomes law, would give Chinese companies and their auditors three years to comply with inspection requirements before they could be kicked off the New York Stock Exchange or Nasdaq Stock Market.
Chinese officials have criticized the bill, saying that there are better ways to resolve differences between Washington and Beijing over audit inspections, and that delisting Chinese companies would harm U.S. capital markets.
The legislation has bipartisan support. It unanimously passed the Senate in May, meaning it would be eligible for President Trump's signature if the House approves it. The measure is more punitive than a proposal under consideration at the Securities and Exchange Commission, which would require audit inspection as a condition of continued listing on a stock exchange, but would allow noncompliant companies to trade over the counter.
The Senate bill was sponsored by Sens. John Kennedy (R., La.) and Chris Van Hollen (D., Md.). The legislation is meant to fix the disparate treatment that has applied for years to Chinese companies going public in the U.S. The firms have long been able to sell shares in the U.S., yet their auditors violate a key investor protection because China hasn't allowed their work to be inspected.
In the U.S., audit supervision is handled by a special watchdog, the Public Company Accounting Oversight Board, which was set up after the accounting scandals that took down Enron Corp. and others nearly 20 years ago.
The SEC has tried for more than a decade to get Chinese cooperation with the PCAOB -- from suing Chinese audit firms, to negotiating with Chinese regulators and issuing warnings to U.S. investors about the problem.
China puts up various hurdles to foreign oversight of its companies, including laws that block firms from cooperating with overseas criminal or securities regulatory investigations. China also has a broad view of state secrets, which influences its willingness to let authorities in other countries supervise its domestic firms, according to legal experts.
"I am hopeful if this legislation passes that it would be a lever for the Chinese to sit down and work something out with the U.S.," said Dan Goelzer, a former SEC general counsel and a former PCAOB member. "It's not a tolerable situation to go on indefinitely ignoring the fact that one country won't comply with the same inspection norms that the rest of the world does."
More than 170 companies based in China or Hong Kong have completed IPOs in the U.S. since January 2014, raising about $58.7 billion, according to data from S&P Global Market Intelligence.
SEC Chairman Jay Clayton supports the legislative action, even as his agency crafts new proposals to enable the sharing of audit work papers between the two countries. "There is broad bipartisan Congressional support, as well as support across the federal financial regulators, for bringing this significant asymmetric treatment to a conclusion on a time frame that allows investors to adjust their holdings as they believe appropriate," Mr. Clayton said in a written statement Friday.
Still, American investors who own shares of Chinese companies face risks and complications if the legislation forces a mass exodus of them from the U.S. market.
Typically, when the NYSE or Nasdaq delists companies, their shares continue to be traded over the counter, so investors can keep buying and selling them. But Mr. Kennedy's bill would also ban OTC trading of Chinese companies whose audits hadn't been inspected after three years.
U.S. investors wouldn't have an easy way to hold Chinese stocks if such a ban takes effect. Depending on how a company responds, its U.S. shareholders would either sell their shares back to the company, or swap them for shares listed on overseas exchanges.
Some companies have already said they would switch to non-U.S. exchanges if the legislation passes. E-commerce giant Alibaba, which is listed on the NYSE with a secondary listing on the Hong Kong stock exchange, has said the legislation could force its U.S. investors to convert their holdings into Hong Kong shares. But some investors will have trouble doing that, since not all U.S. brokerages offer access to foreign stocks.
"Investors may face difficulties in migrating their underlying ordinary shares to Hong Kong, or may have to incur increased costs or suffer losses in order to do so," Alibaba said in a July filing with the SEC.
Other Chinese companies may go private instead. The mechanics of that process would be relatively simple, with investors getting cash for their shares. But management teams could buy out American stockholders at a low share price, benefiting insiders at the expense of outside investors.
"They could use the threat of an impending delisting to take the company private at a low price," said Jesse Fried, a law professor at Harvard University. "Then this law would have made U.S. investors worse off."
--Paul Kiernan contributed to this article.
Write to Dave Michaels at dave.michaels@wsj.com and Alexander Osipovich at alexander.osipovich@dowjones.com
(END) Dow Jones Newswires
November 27, 2020 22:35 ET (03:35 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Not much damage from this....would be nice to have
Alibaba Group Holding Ltd's (NYSE: BABA) online shopping apps, alongside 43 other Chinese apps, have been blocked in India, Bloomberg reported Tuesday.
What Happened: The e-commerce apps affected include Aliexpress â?? which focuses on foreign shoppers, and Taobao Live â?? a live-streaming shopping website.
The Jack Ma-led company's UC browser was already banned in India in June and had enjoyed a nearly 10.2% market share in the country prior to getting axed.
The Indian blacklist has now grown to 200 apps, as the country's industry leaders urge the government to protect the interest of local companies against Chinese and American rivals, as per Bloomberg.
Why It Matters: The ban comes amid increasing tensions between the two neighboring nations who have been engaged in deadly clashes at their mountainous frontier this year.
The move by the Indian authorities cuts access of Chinese internet giants to one of the world's fastest expanding internet markets.
Other companies affected by the ban include Tencent Holdings Ltd (OTC: TCEHY) and ByteDance whose TikTok app was one of the first to face the ax in India.
Price Action: Alibaba shares closed nearly 3.6% higher at $279.96 on Tuesday and gained 0.55% in the after-hours session.
Alibaba's Ant Group Can Still Be World's Biggest IPO, Says Chinese Investor
8:25am ET 11/18/2020 Benzinga
Mentioned in article
BABA
Alibaba Group Holding Ltd (NYSE: BABA)-backed Ant Group's initial public offering can still clinch the title of the world's biggest IPO, Liu Qiang said at CNBC's annual East Tech West conference.
Liu Qiang is the vice president of Fosun Technology and Financial Group, which owns a stake in Ant Group. He is also the deputy chairman of Hani Securities.
What Happened: Ant Group IPO, touted to be the world's largest capital raise of $37 billion, was suspended days before its dual listing in China and Hong kong. The regulators justified the suspension citing tighter regulations to protect the financial interests of consumers and investors. A WSJ report claimed that China's President Xi Jinping personally ordered Jack Ma-backed Ant IPO's halt.
Liu welcomed the regulators' move, noting that both offline and online financial products should be regulated, and clampdown can force players to "make more effort to educate" users. He also said that such moves earlier have made the investors "more sophisticated and invest more."
Liu believes Ant Group can handle the pressure, and it is one of the few companies that can manage "all three dimensions" required from a fintech company: capital flow, data flow, and commerce flow.
Liu did not mention how much Ant can raise in its subsequent listing. "It depends on the capital markets," he said.
Why It Matters: The coronavirus pandemic has accelerated the shift to fintech services in China, and Ant Group is poised to take advantage of this opportunity with its large ecosystem of small merchants, according to Liu.
China is home to a $29 trillion mobile payments market, and Liu anticipates the industry to grow 50% annually over the next five years. He also said that the growth would be met with additional regulations.
Price Action: BABA shares are trading higher by 0.51% at $258.08 in the pre-market session on the last check Wednesday.
Image Courtesy: Wikimedia
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
BABA Shareholder Alert: Bronstein, Gewirtz & Grossman, LLC Notifies Alibaba Group Holding Limited Shareholders of Class Action and Lead Plaintiff Deadline: January 12, 2021
12:00pm ET 11/16/2020 BusinessWire
Mentioned in article
BABA
Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Alibaba Group Holding Limited ("Alibaba" or the "Company") (NYSE: BABA) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Alibaba securities between October 21, 2020 and November 3, 2020, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/baba.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Ant Group did not meet listing qualifications or disclosure requirements for certain material matters; (2) certain impending changes in the Fintech regulatory environment would impact Ant Group's business; (3) as a result of the foregoing, Ant Group's IPO was reasonably likely to be suspended; and (4) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/baba or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Alibaba you have until January 12, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005832/en/
SOURCE: Bronstein, Gewirtz & Grossman, LLC
Bronstein, Gewirtz & Grossman, LLCPeretz Bronstein or Yael Hurwitz212-697-6484 | info@bgandg.com
Hope your right, however first ipo pulled from listing and rewriting of government regulations to prevent monopolies. Something changed really quick.
HANG SENG INDEX
(Stock Exchange of Hong Kong Limited:HSI)
Add to Watch ListSet Alert
26,383.00
Delayed Data
As of 9:16pm ET
+81.52 / +0.31%
Today’s Change
21,139TODAY
|||
52-Week Range
29,175
Alibaba Grp Rg 256.60 -18.80 -6.83% -- 35.9M +23.94%
Wow...bases loaded, no outs, trump/biden,ipo, and now regulators!
News Article
Alibaba Down Over 8%, On Pace for Largest Percent Decrease Since January 2015 -- Data Talk
11:15am ET 11/10/2020 Dow Jones
Mentioned in article
BABA
Alibaba Group Holding Ltd. Sponsored ADR (BABA) is currently at $265.82, down $24.71 or 8.51%
-- Would be lowest close since Aug. 21, 2020, when it closed at $265.80
-- On pace for largest percent decrease since Jan. 29, 2015, when it fell 8.78%
-- On pace to be its 2nd worst one day percentage loss on record
-- Currently down three of the past four days
-- Currently down two consecutive days; down 11.38% over this period
-- Worst two day stretch since the two days ending Jan. 29, 2015, when it fell 12.76%
-- Down 12.76% month-to-date
-- Up 25.33% year-to-date
-- Down 16.18% from its all-time closing high of $317.14 on Oct. 27, 2020
-- Up 42.17% from 52 weeks ago (Nov. 12, 2019), when it closed at $186.97
-- Down 16.18% from its 52 week closing high of $317.14 on Oct. 27, 2020
-- Up 50.74% from its 52 week closing low of $176.34 on March 23, 2020
-- Traded as low as $264.33; lowest intraday level since Aug. 21, 2020, when it hit $258.31
-- Down 9.02% at today's intraday low
All data as of 11:07:31 AM
Source: Dow Jones Market Data, FactSet
(END) Dow Jones Newswires
November 10, 2020 11:15 ET (16:15 GMT)
It looks like they’re inspecting the house that Ma built and creating new rules.
Now it’s a wait and see...
For all to comment.......What’s your thoughts on New Antimonopoly Rules?
Ma,s statement wasn’t the culprit, this was planned.
Ma criticized China's financial regulators, claimed many of the country's banks operated like "pawn shops" with their collateral standards, and he declared that China needed a new financial platform that would extend credit to lower-income customers who lacked sufficient collateral.
I hope this doesn’t hurt to much....
News Article
China's Regulators Prepare to Roll Out New Antimonopoly Rules; New rules targeting online platforms could constrain internet companies such as Alibaba, Tencent
8:00am ET 11/10/2020 Editor's Picks
Mentioned in article
BABAJDTCOM
News
By Liza Lin
China has released new draft antimonopoly rules for its online platforms, signaling an increased appetite by Beijing authorities to rein in its dominant technology companies.China's State Administration for Market Regulation said Tuesday it would seek feedback on rules covering a host of potential anti-monopolistic practices on the country's digital platforms, including offering different prices to different consumers for the same product.The release of the new draft rules, the timing of which came as a surprise to some in the market, follows on regulators' abrupt intervention last week to halt the initial public offering of Ant Group Co.The planned $34 billion IPO of Ant, the financial affiliate of Alibaba Group Holding Ltd., China's biggest technology company by market value, was set to be the largest in history. Regulators' move to suspend the listing just two days before its market debut in Shanghai and Hong Kong has reverberated through China's technology and finance industries.On Wednesday, Alibaba is set to hold its annual Singles Day shopping event, which is often billed as the world's largest online retail event. Last year it generated $38.3 billion in sales, serving as a reminder of the company's clout in the world's second-largest economy."Regulators are sending a message to online platforms to behave themselves," said He Jing, a lawyer at Beijing-based GEN Law Firm, who said the draft rules were likely meant to help advance a recent push from China's top leaders to encourage domestic consumption over the next five years.Achieving that goal might have prompted regulators to clean up the online market and ensure that the competitive landscape was fairer and consumers better protected, Mr. He said.All around the world, authorities are reacting to the rapid growth and rising clout of internet platforms, with advances in artificial intelligence and big data processing sparking new regulatory dilemmas. Technology companies in China, already omnipresent in the lives of Chinese consumers through e-commerce and short-video apps, have only grown more influential this year as the coronavirus pandemic further accelerates the adoption of digital platforms.In Tuesday's draft document, China's market regulator said it planned to target certain practices, such as the unfair pricing of products by inflating prices or pricing them below cost. Other rules could target the use of data and algorithms to offer different prices to different consumers, or the use of market clout to restrict sales on competing platforms.More China Tech News* U.S. vs. China in 5G: The Battle Isn't Even Close* Chinese Rival to ByteDance Plans Multibillion-Dollar IPO in Hong Kong* The U.S. vs. China: The High Cost of the Technology Cold War (Oct. 22)* Pandemic Tech Spending in China Lifts Alibaba's Cloud (Sept. 10)The regulator proposed setting up a review system to ensure platforms don't abuse their market position. Under the suggested rules, violators may be asked to divest assets, technologies or intellectual property. Network infrastructure and licensed key technologies may also be subjected to checks by authorities.The rapid expansion of the digital economy in China has led to problems of unruly competition, fraudulent sales and personal information leaks, China's internet regulator, the Cyberspace Administration of China, said Tuesday in a separate post. Chinese tech firms should not allow consumers to be "prisoners to algorithms," it cautioned.The market and internet regulators, along with China's State Taxation Administration, met recently with 27 Chinese internet companies to discuss ways to ensure the healthy growth of the digital economy, the CAC said in its online post. China's most dominant online tech titans, including Alibaba, WeChat operator Tencent Holdings Ltd., e-commerce firm JD.com Inc. and online delivery giant Meituan Dianping attended the meeting, the regulator said.Tuesday's announcement follows guidelines published by China's main market regulator on Friday targeting its live-streaming sector. Those instructions tighten oversight over the types of products, pricing and advertising in live streams, which a variety of Chinese companiesâ??from fashion retailers to asset managersâ??use to sell their products, including on Alibaba's Taobao platform.Cases of unfair pricing and fraud on consumer internet platforms have been a high-profile source of frustration among Chinese consumers in recent years. Trip.com, an online travel-booking company formerly known as Ctrip.com, came under criticism last year after a user accused the company of overcharging him the equivalent of $320 for an airplane ticket. Many Chinese consumers have accused Ctrip of using its storehouse of data to quote higher prices to some customers. The company has denied the accusation, blaming the incident on a technical error.Chinese consumers have also voiced concern that online shopping, food-delivery and ride-hailing platforms are using the user data they collect to enable price discrimination.Alibaba's Hong Kong-listed shares fell 5.1% on Tuesday, with other technology stocks falling by roughly the same degree, on a day when the benchmark Hang Seng Index advanced 1.1%.Xiao Xiao contributed to this article.Write to Liza Lin at Liza.Lin@wsj.com
Agree...although super run was slowed by regulators. I don’t think they’ll be listing on ny exchange. News was suggesting he was to cocky with government and that would sugggest an fu attitude if they did.
Clay nothing personal but when you post the stocks go down...what’s your secret?
With that being said...
Two big news events are right around the corner for Alibaba. Its next earnings report is due Nov. 5 before the open. And the company's Singles Day shopping event is scheduled for Nov. 11.
Last year, Alibaba reported Singles Day sales of $38.4 billion, up 26% year-over-year.
A day to learn from
News Article
Alibaba Shares Plunge in Hong Kong as Ant IPO Suspension Continues to Weigh
9:46pm ET 11/3/2020 Dow Jones
Mentioned in article
BABATCEHY
By Yifan Wang
Shares of Alibaba Group Holding Ltd. are sharply lower in early Hong Kong trade, extending the e-commerce giant's steep losses overnight in the U.S., after a sudden halt of its financial arm's blockbuster initial public offering.
The stock has dived as much as 9.3% in less than an hour of trading. Its American Depositary Receipts ended 8.1% lower on the New York Stock Exchange.
The share plunge came as the Shanghai Stock Exchange suspended the IPO of Ant Group Co., which has been poised to break global records for total funds raised. Ant said its concurrent Hong Kong listing would also be suspended.
The move poses "a potential risk of tightening control on internet finance sector," KGI Securities says, as it also warns of share-price pressures on Alibaba's peers such as Tencent Holdings Ltd., which also operates a major fintech business in China.
Alibaba shares were last down 7.9% at 276.20 Hong Kong dollars (US$35.63).
Wish we could have seen the video of Ma with the regulators. I bet that candle stick burned.
Looks like Ant IPO won’t be resolved so quick.
https://techcrunch.com/2020/11/03/pulled-ant-group-ipo-costs-alibaba-nearly-60b-in-market-cap/
It is, momentum was moving down the highway and now a traffic light.