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Alibaba leads decline in China Tech shares on report of inquiry

Bloomberg
Bloomberg7/15/2022 10:07 AM GMT+08  • 1 min read
Alibaba leads decline in China Tech shares on report of inquiry
The e-commerce giant’s stock slid 5.7%, taking its decline this week to more than 15%. Photo: Bloomberg
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Alibaba Group Holding Ltd. led a drop in Chinese tech shares after the firm was reported to be facing an inquiry in connection with the theft of a vast police database.

The e-commerce giant’s stock slid 5.7%, taking its decline this week to more than 15%. The Hang Seng Tech Index fell 1.8% after the Nasdaq Golden Dragon China Index slid 2.2% on Thursday.

The latest report adds to the cautious sentiment toward the tech sector, after the antitrust watchdog levied fines on Alibaba and Tencent Holdings Ltd. over the weekend.

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