Beijing reins in Alibaba, JD.com over destructive 618 price cuts

Beijing reins in Alibaba, JD.com over destructive 618 price cuts

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Yanac

Shares in China’s biggest e-commerce companies fell on Thursday after Beijing’s market regulator summoned five of the country’s largest online shopping platforms over deceptive promotional practices ahead of the annual “618” (June 18) shopping festival. Alibaba’s Hong Kong-listed shares dropped 5.4% to HK$107.40 (US$13.8) while JD.com fell 2.9% to HK$108.9. Nasdaq-listed shares of PDD Holdings
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