Decrease in Chinese Technology Shares Led by Alibaba

Decrease in Chinese Technology Shares Led by Alibaba Decrease in the Chinese technology shares was led by Alibaba. The monopoly investigation against Alibaba, caused the shares to decrease. Start of the monopoly investigation against Chinese technology company Alibaba caused massive declines, raising concerns that investigations into Chinese technology stocks would expand. On the second day of the falls, Alibaba led the decline. Stocks of Alibaba's competitors Tencent Holdings and food distribution giant Meituan and JD.com have recorded $ 200 billion in losses since Thursday. Today, Alibaba stocks fell 8 percent, while Tencent and Meituan stocks declined more than 6 percent. JD.com, which is considered as a competitor of Alibaba, decreased by 2 percent. Amber Hill Capital's Director of Asset Management, Jackson Wong, stated that the Chinese government wants more control over the technology firms, so there is a huge selling pressure on Alibaba, Tencent and Meituan shares. The Chinese administration launched an investigation against Alibaba last week for monopolistic practices. The Chinese government will make new regulations in the internet environment and will be able to fine the companies mentioned above by 10 percent of their income.     Source: Bloomberg HT