Why Alibaba Stock Fell 13.9% in July
Shares of Chinese e-commerce leader Alibaba Group Holding (NYSE: BABA) fell 13.9% in July, according to data from S&P Global Market Intelligence. Alibaba had already been under fire ever since its financial arm, Ant Financial, saw its IPO canceled by Chinese regulators last year. That was followed in April 2021 by a $2.8 billion fine for anticompetitive practices.
Last month, however, marked a whole new ball game for Chinese technology stocks broadly, especially those listed on U.S. exchanges. Thus, Alibaba's stock got cut down further with the rest of the sector.
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Source Fool.com
