China tech stocks fall as top livestreamer fined for tax evasion

Strict measures: Livestreaming sessions by Li Jiaqi and Viya (left) seen on Alibaba’s e-commerce app Taobao. Viya was fined for tax evasion as China cracks down on the online streaming commerce arena. — Reuters

BEIJING: 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% yesterday 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%.