Alibaba, JD.com fall after China rebukes 618 discount promotions
What's new: Beijing regulators also targeted PDD, ByteDance and Xiaohongshu over alleged false advertising during the midyear shopping festival.
Alibaba Group Holding and JD.com shares fell in Hong Kong after Beijing's market regulator rebuked major e-commerce platforms over allegedly misleading promotions tied to China's annual 618 shopping festival. Alibaba dropped as much as 5.9% before closing down 5.4%, while JD.com ended 2.9% lower. State broadcaster CCTV reported that the Beijing branch of the State Administration for Market Regulation summoned Alibaba, JD.com, PDD Holdings, ByteDance and Xiaohongshu Technology over false advertising. Regulators criticized claims of tens of billions of yuan in subsidies and said Tmall, Taobao and JD.com did not clearly explain how much support was actually provided by the platforms and participating brands.