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Retail posts 1st annual loss since 2018 as new businesses bleed cash

Shares drop as much as 18% after latest results from Alibaba rival

A advertisement in Beijing features freestyle skier Eileen Gu.   © Reuters

HONG KONG -- Slowing economic growth and higher costs knocked Alibaba rival to its first annual loss in three years, sending its Nasdaq-listed shares down more than 18% at one point amid heavy selling in Chinese tech stocks.

Net loss attributable to ordinary shareholders for the full year of 2021 was 3.6 billion yuan ($569 million), compared to a net income of 49.4 billion yuan for 2020. reported Thursday.

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