Why Alibaba, Bilibili, and Pinduoduo Are Falling Today
Shares of Alibaba (NYSE: BABA), Bilibili (NASDAQ: BILI) and Pinduoduo (NASDAQ: PDD) were all sliding this afternoon after the Chinese government imposed fresh lockdowns in some parts of the country, and fined Alibaba and other Chinese tech companies for not complying with some anti-monopoly regulations.
As a result, the Chinese tech stock sector was sliding today, sending Alibaba down 8.5%, Bilibili falling 9.4%, and Pinduoduo tumbling 10.1% as of 2:26 p.m. ET.
China's State Administration for Market Regulation said yesterday that there were 28 violations of its anti-monopoly rules, including five involving Alibaba. The Chinese e-commerce giant was slapped with a fine of about $372,000.
Source Fool.com
