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Under-Pressure Alibaba Sees Quarterly Profits Tumble

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variety.com

Patrick Frater Asia Bureau ChiefThe shares of Alibaba crashed by nearly 7% on Thursday to an all-time low in Hong Kong ahead of publication of the company’s October-December third quarter results.

The company is one of a small handful of entrepreneurial tech giants that have remade everyday life for a billion Chinese consumers and facilitated tens of millions of small businesses.

But it remains in the crosshairs of the Chinese government’s regulatory quest to remake things again in a more controlled and top-down socialist manner.

Regulators have recently sought yet more controls over the group’s pariah status financial arm Ant Group and in recent days have called for home delivery fees to be slashed in e-commerce and food services, directly hitting Alibaba’s Eleme unit.

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