Alibaba's HK shares fall as regulator strengthens delivery workers protection

Reuters2021-07-27

** Hong Kong shares of Alibaba Group Holding Ltd fall 4.3% to HK$183.80, their lowest since April 3, 2020, and are on course for a third straight session of declines

** Stock is the third most actively traded by turnover and the fourth biggest percentage decliner on the benchmark Hang Seng Index

** Food delivery platforms in China are being pushed to guarantee their workers with income above minimum pay, insurance and a relaxation in delivery deadlines, under a set of reforms announced on Monday by China's market regulator

** Food delivery platforms in China, including Meituan and Alibaba's Ele.me, have attracted severe criticism on social media for their treatment of delivery workers, most of whom are not covered by basic social and medical insurance

** Hong Kong shares of Meituan fall 6.6% to HK$220, their lowest since Aug. 17, 2020; the third biggest percentage decliner in the Hang Seng Index

** The Hong Kong Hang Seng consumer goods and services index rises 1.5%, while the Hang Seng Tech Index falls 1.3%

** The Hang Seng China Enterprises Index eases 0.2% and the benchmark index climbs 0.2%

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