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Alibaba’s stock hits all-time low as China continues relentless big-tech crackdown

August 19, 2021

Via: Charged
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Alibaba’s shares have hit all-time lows on the Hong Kong stock exchange as the Chinese government continues its relentless crack down on tech giants.

Shares in the ecommerce giant fell 11 per cent from 184HKD on Friday to 162HKD this morning, hitting their lowest ever levels since it listed on the Hong Kong stock exchange in 2019.

Its shares also dropped on the New York Stock Exchange, where they have been listed since 2014, to near 17-month lows of $172.1.

While it has endured severe reputational damage this month following damning accusations of rape levelled at one of its managers, the decline in stocks was predominantly due to increasing government pressure being piled on the country’s tech giants.

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