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Robert Road
Shares of Alibaba ( BBA ) fell on Friday after the country’s internet regulator, the Cyberspace Administration of China, said several Chinese tech companies had introduced their algorithms for some products, according to Reuters.
CAC published A list of 30 algorithms, including one from AlibabaBABATaobao, Tencent (OTCPK: TCEHY) including WeChat and others from ByteDance and Meituan, gives a brief description of how to use them.
Other companies on the list include Baidu (Nasdaq: Biddu), Weibo (Nasdaq: WB) and Quishow Reuters reported.
Alibaba ( BABA ) shares fell more than 3% to $91.86 in premarket trading, while Baidu ( BIDU ) and Weibo ( WB ) fell more than 2%.
This is the first list since China issued regulations on app advisory services in March.
The news outlet added that the rules are part of a broader crackdown on tech companies by the Chinese government, although it has eased in recent months.
In May, China’s Vice Premier Liu He told executives at top tech companies, including Alibaba ( BABA ), that the relationship between the government and corporations is “properly managed.”
On Thursday, Bank of America said Alibaba’s logistics division (Nice: Baby), Cainiao, continues to invest in technology and expand its services and cross-border networks.
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