Chinese e-commerce giant Alibaba lost nearly 12 percent on the Hong Kong Stock Exchange on Wednesday after news that China will propose new competition rules.
This despite the fact that the company broke sales records during the shopping event Singles day.
Alibaba’s Gross Merchandise Volume, ie the total value of orders placed on the platform, has so far exceeded $ 56.42 billion. The event ends at midnight on November 12.
“We will probably double last year’s 11.11 (the date for Singles day, ed. Note) or maybe even more than that, and this really shows that consumption habits have really moved online, not only in the first level (cities) but above the whole country, ”says Jacob Cooke from the marketing company WPIC.
Singles day generates more sales than both Black friday and Cyber monday jointly generate sales in the US.
The new draft laws address price discrimination, preferential treatment for sellers who sign exclusive agreements with platforms and forced data collection.
Alibaba fell 8.3 percent on the New York Stock Exchange yesterday and fell another 2.6 percent in today’s trading.