Shares of the Chinese giant Alibaba fell by almost 11 percent during the bidding in the Hong Kong Stock Exchange November 19, testifying data.
Paper is falling against the background of the release of quarterly reporting of the company, where a serious reduction in profits is reflected – 87 percent, up to $ 524 million. Revenue increased by 29 percent, up to 31.1 billion. Annual revenue, according to the company’s forecasts, should grow by 20-23 percent, which is lower than the analysts.
Paper Alibaba on the stock exchange in New York on the eve also sharply decreased by 11 percent. On November 18, the head of the company Daniel Zhang reported that Chinese consumers were less active in their traits against the background of Coronavirus outbreaks, which, together with problems in supply chains, led to a slowdown in the growth of the country’s economy. “These economic shocks accompanied by strengthening competition in the market, also affected the key to the trade business in China,” the company’s head said.
Recently, the giant also faced pressure from the authorities. The founder of Alibaba Jack Ma lost his lead position in the list of the richest Chinese. For the year, businessman lost a third (36 percent) of his condition.