Alibaba status about internet earnings its three largest rivals -- Tencent Holdings Ltd. These companies have been growing at a pace deemed by Beijing as too fast and have scales that are too big. But the buyback program was overwhelmed by fears that the steps taken against Ant are just the tip of the iceberg.
While the central bank stopped short of calling for a breakup, the financial services giant now needs to status about internet earnings specific measures and a timetable for overhauling its business. As of early December, the man most closely identified with the meteoric rise of China Inc.
His very public rebuke is instead a warning Beijing has lost patience with the outsize power of its technology moguls, increasingly perceived status about internet earnings a threat to the political and financial stability President Xi Jinping prizes most.
Investors remain divided over the extent to status about internet earnings Beijing will go after Alibaba and its compatriots as Beijing prepares to roll out the new anti-monopoly regulations.
The regulations specifically warn against predatory pricing -- selling below cost -- to weed out rivals. Major tech stocks took a pounding.
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The Hang Seng Index lost 0. The Shanghai Composite Index finished 0.
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Both gauges had fluctuated between gains and losses earlier in the day. Investors are closely monitoring signals from Beijing about antitrust rules after the government recently stepped up its regulation of the country's internet and technology sectors. Earlier this month the Politburo, the Communist Party's top decision-making body, vowed to intensify its antitrust efforts and prevent "disorderly capital expansion".
Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. At the weekend Chinese financial regulators status about internet earnings Ant Group, an Alibaba affiliate and the world's largest fintech company, rein in the influence of technology on its financial services. Ant must return to its origins in online payments and prohibit irregular competition, protect customers' privacy in operating its personal credit rating business and establish a financial holding company to manage its businesses, the People's Bank of China's deputy governor Pan Gongsheng said in a statement on Sunday.
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The company owns the South China Morning Post. Affiliates also suffered, with film studio Alibaba Pictures dropping 2.
The Hang Seng Tech Index shed 4. Toymaker Pop Mart plummeted 9. Blind boxes, packages containing undisclosed toys, have become a craze, prompting the authorities to raise concerns that they can lead to addiction.
Meanwhile, Covid flared up in China, with Beijing entering "emergency response mode" after at least five more cases were confirmed. The Chinese capital testedpeople on Saturday, with all results proving negative, and closed villages and residential areas in the Shunyi and Chaoyang districts where new cases have been found. On the mainland, liquor stocks and car makers led the gains.
Kweichow Moutai, the most valuable liquor stock in the world, added 2.
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Hong Kong recorded at least 70 new coronavirus cases on Monday. The city is rushing to contain a cluster at a public hospital in Kwun Tong by requiring mandatory testing of people connected with two wards.
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A "super spreader" patient infected seven more people, pushing the size of the outbreak to Elsewhere, US President Donald Trump has signed a massive virus-relief package, saving the government from a shutdown this week. The market is likely to see small fluctuations in the last trading days of the year, said Li.
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All rights reserved. Copyright c The pressure on Ma is central to a broader effort to rein in an increasingly influential internet sphere: Draft anti-monopoly rules released November gave the government wide latitude to restrain entrepreneurs who until recently enjoyed unusual freedom to expand their realms.
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Ant said in a statement on its official WeChat account it will study how to make 500 a day online comply with all requirements. Tencent and internet services giant Meituan finished more than 2. Alibaba said in a statement it will cooperate with regulators in their investigation, and that its operations remain normal.
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The regulations specifically warn against selling at below-cost to weed out rivals. The chances that Ant will be able to revive its massive stock listing next year are looking increasingly slim as China overhauls rules governing the fintech industry, which in past years has boomed as an alternative to traditional state-backed lending.
China is said to have separately set up a joint task force to oversee Ant, led by the Financial Stability and Development Committee, a financial system regulator, along with various departments of the central bank and other regulators. The group is in regular contact with Ant to collect data and other materials, studying its restructuring as well as drafting other rules for the fintech industry.