HK Movers | Hong Kong-Listed Tech Heavyweights Slid, with Alibaba Down More Than 5%; JD, Baidu Down over 4%; Xiaomi, Tencent Down over 2%-To The Moon - Tiger Brokers Online Investing Community

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HK Movers | Hong Kong-Listed Tech Heavyweights Slid, with Alibaba Down More Than 5%; JD, Baidu Down over 4%; Xiaomi, Tencent Down over 2%

Tiger Newspress11:30

Hong Kong-listed tech heavyweights slid, with Alibaba down more than 5%; JD down over 4% after China’s market watchdog reprimanded top Chinese e-commerce players for what it said were misleading sales promotions.

Baidu down over 4%; Xiaomi, Tencent down over 2%.

The stock rout came after the Beijing branch of State Administration for Market Regulation summoned the two, along with PDD Holdings Inc., ByteDance Ltd. and Xiaohongshu Technology Co., over what officials said was false advertising during the annual “618” midyear online shopping fest, according to a report by state television CCTV.

The regulator blasted some of the companies for seemingly promising tens of billions of yuan in subsidies, according to the CCTV report. Both Alibaba’s online marketplaces Tmall and Taobao as well as JD.com failed to provide details of the actual subsidies given by the company and participating brands, it said.

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