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China tech

Alibaba shares sink to new low amid gloomy China tech outlook

Intense regulatory scrutiny, heated competition and COVID cloud growth prospects

Alibaba Group Holding is listed in New York and Hong Kong, where its shares fell to an all-time low on Friday.   © Reuters

HONG KONG/NEW YORK -- The stock price of Alibaba Group Holding fell below 100 Hong Kong dollars ($13) a share for the first time Friday, a day of heavy selling in Chinese tech stocks as investors fretted over the company's growth prospects and risk of further regulatory pressure from Beijing.

Alibaba closed down 5.17% to HK$99 on the Hong Kong Stock Exchange, down 68% from its peak. On the New York Stock Exchange, where it is also listed, shares traded below $100 for the first time since 2017 but closed at $100.60.

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