Alibaba Group Holding Ltd (NYSE:BABA) shares are trading lower Monday following reports that China has imposed fines on some big tech companies for failure to comply with anti-monopoly rules on the disclosure of transactions.
According to a Reuters report, citing a list from the State Administration for Market Regulation (SAMR), 28 past deals violated anti-monopoly rules. Alibaba was reportedly involved in five of those deals.
Related Link: Alibaba, Tencent Fined By Chinese Regulator Over Non-Compliance With Anti-Monopoly Rules
Chinese stocks are also trading lower amid a resurgence in COVID-19 cases. Recent outbreaks have caused casinos, among other businesses, to close in Macau.
Alibaba operates China’s online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer).
BABA Price Action: Alibaba has traded between $216.60 and $73.28 over a 52-week period.
The stock was down 4.05% at $116 at press time, according to data from Benzinga Pro.
Photo: courtesy of Alibaba.
