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The Independent UK
The Independent UK
National
Via AP news wire

Alibaba and Tencent stocks plunge after latest fines

Alibaba Tencent Hong Kong
Copyright 2021 The Associated Press. All rights reserved

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.

E-commerce 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%.

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