BABA, JD, PPD Drop Overnight As China Reprimands E-com Giants Over Misleading Ads
Beijing believes the internet giants’ aggressive price-cutting campaign could push retailers across China into losses, potentially undermining the economy. BABA led the declines, falling 5.3%; the stock has declined sharply in recent months due to a host of factors. China’s State Administration for Market Regulation summoned executives from the firms over what officials said was…