HK-listed Alibaba Pictures falls as China launches clean-up campaign

Huanxi Media

25/01/2022 05:17

** Shares of Alibaba Pictures Group  1060.HK  fall 4.6% to
HK$0.83, on track for biggest daily percentage decline since
Dec. 29, as China launches cyberspace clean-up campaign 
    ** Stock of Alibaba's Internet-based content and movie
distribution arm down after three sessions of gains
    ** The Cyberspace Administration of China (CAC) launches a
month-long "clean cyberspace" campaign, which it says would
target online abuse, "chaos" in celebrity fan groups and "money
worship"  urn:newsml:reuters.com:*:nL1N2U503L
    ** CAC says it would closely look at content platforms and
advertisements with focus on cyberbullying, spreading of online
rumours and encouraging worship of money or superstition
    ** Alibaba shares  9988.HK  fall 2.7% to HK$115.90, lowest
since Jan. 5
    ** Shares of smaller rivals Huanxi Media  1003.HK ,
Starlight Culture  1159.HK , Media Asia  8075.HK  and Creative
China  8368.HK  fall between 3.6% and 16.9% 
    ** Nomura says business outlook for China Internet & New
Media remains challenging in 1H amid slowing economic growth
and resurgence of COVID-19 cases
    ** Adds online entertainment is more a victim of tightened
regulation rather than of macro weakness
    ** The Hang Seng Tech Index  .HSTECH  drops 1.7%, Hang Seng
sub-index on information technology firms  .HSCIIT  falls 1.3%,
and the Hang Seng Index  .HSI  slips 1.2%        

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