Alibaba's Hong Kong shares fall as China drafts guidelines for internet firms

Damai Entertainment Holdings

27/08/2021 09:22

** Hong Kong-listed shares of e-commerce giant Alibaba Group
 9988.HK  fall as much as 5.20% to HK$153.70, the biggest daily
percentage decline Aug. 19
    ** Stock hits lowest since Aug. 23
    ** China has issued draft guidelines on regulating the
algorithms used by internet service providers to make
recommendations to users, part of efforts to protect the privacy
and data security of users, the internet regulator said on
Friday  urn:newsml:reuters.com:*:nL1N2PY05B
    ** Internet companies globally use algorithms to predict
user preferences and make recommendations. In China, this would
include firms such as Alibaba Group, ride-hailing firm Didi
Global  DIDI.N  and TikTok owner ByteDance.
    ** Movie promotion and distribution unit Alibaba Pictures
Group  1060.HK  fall as much as 10.5% to HK$0.85, the lowest
since August 2018
    ** Shut down of a social media account of Chinese actress
Zhao Wei, a former shareholder of Alibaba Pictures, also adds
more pressure of the stocks on speculation of widening crackdown
in China entertainment industry
    ** The Hong Kong Hang Seng sub-index tracking information
technology firms  .HSCIIT  falls 1.2%, and the Hang Seng Tech
Index  .HSTECH  falls 0.4%
    ** The Hang Seng China Enterprises Index  .HSCE  climbs 0.1%
while the benchmark index  .HSI  slips 0.1%
    ** Hong Kong shares of Alibaba Group has fallen 30.3% this
year as of last close


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))