Alibaba Shares Close Down 6.2%; China Urges E-Commerce Quality Controls
Photo: TokenPost
Alibaba Group’s Hong Kong-listed shares closed down 6.2% on Oct. 22; separately, China’s State Administration for Market Regulation (SAMR) posted an Oct. 21 notice urging nine platforms to strengthen product and service quality controls. The shares ended at HK$97.30, compared with HK$103.70 in the previous session. The HK$6.40 decline was about 6.17%, or 6.2% rounded to one decimal place. SAMR’s notice said representatives from nine platforms attended a recent meeting in Beijing. It listed Taotian, JD, PDD, Xiaohongshu, Kuaishou, Douyin, Duodian, Vipshop and Dewu. Alibaba’s e-commerce business includes Taobao and Tmall Group.
Source: TokenPost
