By Bloomberg News
Shares dropped after China said it is studying separate proposals to further ensure the rights of drivers who work for online companies and to step up oversight of theSentiment for China’s largest advertising platform also soured after peer Tencent Holdings Ltd. executives said in a post-earnings conference call that the government can make fairly substantial changes to how companies use data for advertising.
Alibaba’s shares have slumped 29% this year in Hong Kong compared to a fall of just under 7% for the Hang Seng Index. Its U.S. listing, which has been trading since 2014, is down about 26% for the year. The new moves are incremental but investors are not at a point where they “will cease to price in any more additional policies,” said Shine Gao, fund manager at Taicheng Capital Management Co. “Even if the worst is over for big tech firms in terms of new regulations, we should expect that their growth won’t be what it was.”
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