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$107.47 -4.3  -3.9%

Last Trade - 02/12/21

Sector
Technology
Size
Large Cap
Market Cap £57.39bn
Enterprise Value £50.41bn
Revenue £9.82bn
Position in Universe 174th / 7294

BUZZ-Alibaba's HK shares drop on China's new rules, price target cuts

Thu 30th September, 2021 4:03am
** Alibaba's Hong Kong shares  9999.HK  fall 4.2% to HK$142,
heading for their biggest single-day pct drop since Sept. 13
    ** Stock down for a second straight session, second-biggest
pct decliner on the Hang Seng Index  .HSI  and the Hang Seng
Tech Index  .HSTECH 
    ** Brokerage Daiwa trims TP on Alibaba's Hong Kong shares to
HK$220 from HK$260 but maintains "buy"
    ** Says it lowers 2Q FY22 revenue forecasts for customer
management and cloud amid weak momentum in consumer spending in
one of the most challenging quarters for Alibaba 
    ** Citi trims TP of Alibaba's HK stock to HK$232 from HK$288
following estimate revisions amid softening consumption trend
and ongoing regulatory overhang
    ** China's plan to set governance rules for algorithms over
next three years also adds pressure on technology stocks
    ** China's cyberspace watchdog and other government bodies
will set up governance rules for algorithms in around three
years, as Beijing seeks to tighten its grip on the algorithms
technology firms use to attract users  urn:newsml:reuters.com:*:nL1N2QV0L5
    ** JD.com  9618.HK  down as much as 5.7% to HK$277, lowest
since Aug. 24    
    ** NetEase  9999.HK , Bilibili  9626.HK , Baidu  9888.HK 
and Tencent  0700.HK  slip between 1.7% and 3.9% 
    ** The Hang Seng Tech Index declines 1.7% and the benchmark
stock index eases 1%
    

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