Alibaba, JD.com Drop Up to 5.9% as China Reprimands Price-Cut Promotions

1 articles · Updated · Bloomberg · Jun 11

Alibaba shares sank as much as 5.9% in Hong Kong on Thursday, their biggest intraday drop in nearly three months, after Beijing criticized major e-commerce platforms' discount campaigns.
JD.com fell by a similar margin, its sharpest slide since November, as the market watchdog said some price-cut promotions were misleading.
The reprimand hit two of China's biggest online retailers and raised fresh concern that aggressive sales tactics could draw tighter regulatory scrutiny.
The selloff underscores how quickly policy signals from Beijing can pressure Chinese internet stocks, especially when they target core growth strategies such as promotional pricing.