(Bloomberg) -- Alibaba Group Holding Ltd. shares slumped as much as 3.8% to a record low on Thursday, extending a selloff in Chinese technology giants amid continued concerns over the government’s regulatory crackdown on the industry.
The ministry of commerce late Wednesday sought public opinions on draft guidelines to step up oversight of the live streaming industry as increased scrutiny expands from antitrust and e-commerce to data security and online content. The company’s shares have slumped 29% this year compared to a fall of 27% in the Hang Seng Tech Index.
Separately, Alibaba’s larger peer Tencent Holdings Ltd. gave up earlier gains of as much as 3.4% to trade little changed as its warnings for more regulatory curbs on the industry overshadowed its second quarter earnings that beat estimates.
READ: Tencent Warns of More China Tech Curbs After Growth Sputters
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