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China Tech Stocks Fall as Top Livestreamer Fined for Tax Evasion

$KUAISHOU-W (01024.HK)$ $Alibaba (BABA.US)$ $Bilibili (BILI.US)$ $JOYY (YY.US)$
China's biggest livestreaming and e-commerce platforms saw shares drop after the country slapped an unprecedented tax evasion fine on a top influencer, intensifying its crackdown on celebrities responsible for shifting millions in merchandise on the Chinese Internet.
Kuaishou Technology fell as much as 3.9%, Alibaba Group Holding Ltd. as much as 2.2% and Bilibili Inc. 8.8% Tuesday morning in Hong Kong. Stocks had plunged in Monday trading in New York, where Alibaba fell 5.8%, Bilibili dived 11.6% and Joyy Inc. slid 4.7%.
Huang Wei -- a famous livestreamer also known as Viya -- was ordered to pay 1.34 billion yuan ($210 million) in back taxes, late fees and fines, the State Taxation Administration said Monday. By Tuesday morning, her accounts had disappeared across platforms from Weibo to Alibaba's Taobao.
The episode is the latest step in a growing crackdown on online influencers who have seen their popularity explode in recent years, and may spook not just markets but the merchants and brands who rely on China's homegrown livestreaming format to drive sales.
China Tech Stocks Fall as Top Livestreamer Fined for Tax Evasion
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