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.
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.
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antossiu : do not find excuse for the drop
Path To Wisdom antossiu: This is the proof, that CCP have more control of Alibaba like state owned company. Sensitive n privacy information of live streamer all accessible by CCP.
More and more Common Prosperity” Push for china companies announcement at the end of financial closing.
70193421 Path To Wisdom: Does tax evasion have nothing to worry about?
猫猫吉祥家的灰灰菜 Path To Wisdom: Is America much better? It's not just a matter of a sentence that unscrupulous Google has banned Huawei; at every turn, the Communist Party... speechless, I've never seen companies from that country take precedence over the country