Shares of Alibaba and JD.com dropped in Hong Kong trading after China's market regulator criticized the e-commerce giants for misleading sales promotions.
China's market watchdog reprimanded major e-commerce platforms over deceptive pricing tactics, sparking sell-offs in both companies' stock prices.
The regulatory action targets promotional practices the agency says misled consumers about discount authenticity and pricing strategies. The crackdown reflects Beijing's intensifying scrutiny of e-commerce operations and consumer protection standards.
Alibaba and JD.com are among China's largest online retailers, with significant revenue from promotional campaigns during shopping festivals. The regulatory pressure signals the government's commitment to stricter oversight of the sector.
The shares' decline underscores investor sensitivity to regulatory risk in China's tech sector. Authorities have increased enforcement actions against major platforms in recent years, raising compliance costs and operational constraints.
No specific fines or remedial actions were announced immediately, but the reprimand may prompt the platforms to revise promotional guidelines and increase transparency in pricing disclosures.
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