Alibaba stock drops as China regulator reportedly suspends partnership

Dow Jones2021-12-23

MW Alibaba stock drops as China regulator reportedly suspends partnership

Alibaba Group Holding Ltd. $(09988)$ shares fell Wednesday following reports that China's IT regulator disciplined the company for failing to report an open-source security vulnerability to the government. American depositary receipts of Alibaba dropped as much as 6% Wednesday, and were last down 3.8% at $118.35. On Wednesday, China's Ministry of Industry and Information Technology suspended a partnership with Alibaba for six months alleging that Alibaba failed to promptly report bugs in the open-source logging platform Apache Log4j2 to government officials, according to media reports. About two weeks ago, reports surfaced that the software contained a bug that would allow remote hackers to make changes to target devices.

-Wallace Witkowski

 

$(END)$ Dow Jones Newswires

December 22, 2021 13:00 ET (18:00 GMT)

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Comments

  • therese
    2021-12-23
    therese
    When will Alibaba recover 🥲
  • robot1234
    2021-12-23
    robot1234
    Another hiccup. This is jinx. Alibaba's share price continues its slide and the downtrend is pretty much intact.
    • Ironteam
      Just hope that it can recover as the business aspect is still strong, but moves from government are worrisome.
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