Shares in Alibaba Group (BABA.NYSE) fell 8.8% on Thursday to close at a three-month low of US$89.81 after the company posted fourth-quarter revenue results that fell short of investor expectations, South China Morning Post reported. The tumble comes as as a feud between the firm and the State Administration of Industry and Commerce escalated with the release (and subsequent deletion) by state media of a transcript purportedly revealing the regulator justifying its investigation of Alibaba-owned shopping site Taobao. The row broke out on Wednesday after the regulator published a white paper on its site alleging Taobao had allowed merchants without business licenses to sell counterfeit goods. That report has also been taken down, but a translated version is available here.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved