Tencent stocks: Alibaba and Tencent stocks plunge after latest fines by Chinese regulators


Source: indiatimes.com indiatimes.com

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Shares of Chinese technology firms Alibaba and Tencent fell sharply on Monday, a day after Chinese regulators fined their subsidiaries for not disclosing transactions and failing to comply with anti-monopoly rules. Ecommerce giant Alibaba's shares in Hong Kong fell 6.8%, while gaming and social media company Tencent Holdings sank 3.2%. The Hang Seng index declined 3%. On Sunday, China's State Administration for Market Regulation published a list of 28 deals that violated anti-monopoly rules. It included five of Alibaba's transactions and 12 of Tencent's. A wide-reaching crackdown on the technology sector has often hit stock prices in Hong Kong and...