Alibaba Group, stepping up official efforts to tighten control over the country’s fast-growing tech industries.China’s State Administration for Market Regulation also recently summoned six companies, including Alibaba and other e-commerce platforms such as JD.com and Pinduoduo, gaming company Tencent, food delivery firm Meituan and ridesharing firm Didi Chuxing to discuss other aspects of their operations.
Alibaba Group Holding's share price plunged 8.1% in Hong Kong. JD.com fell 2.3%; Tencent sank 2.6% and Meituan lost 2.7%.The Shanghai Composite index lost 0.7% to 3,359.12.
Shares also fell on the smaller market in southern China’s Shenzhen. But elsewhere, Christmas Eve trading was thin but upbeat.