China Rules Tank Alibaba

Alibaba Group Holding Ltd. ($BABA@China) shares slumped as much as 5.4% to a record low in Hong Kong on Thursday, extending a selloff in Chinese technology giants after Beijing hit the industry with a fresh round of regulations. Shares dropped after China said it is studying separate proposals to further ensure the rights of drivers who work for online companies and to step up oversight of the live streaming industry. Beijing’s recent crackdowns on the tech sector wiped off about $1 trillion of market value from Chinese shares listed globally last month as they quickly expanded from antitrust and e-commerce concerns to private tutoring, data security, and online content. Investors are questioning allocations toward Chinese assets.