Shares in Chinese tech groups slid on Thursday after regulators admonished some of the country’s biggest ecommerce platforms for misleading sales tactics during a major domestic shopping event.
The Hong Kong-listed shares of Jack Ma’s Alibaba, which runs the ecommerce platforms Taobao and Tmall, fell 5.4 per cent, while JD.com dropped 2.9 per cent.
State broadcaster CCTV reported that the municipal market regulator in Beijing had summoned representatives from Alibaba, JD.com and PDD Holding’s Pinduoduo as well as from short-video site Douyin and Instagram-like Xiaohongshu, which also have shopping functions.
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