China Tech Stocks Fall as Top Livestreamer Fined for Tax Evasion
- Influencer Viya’s online, social media presence quickly wiped
- Alibaba, Kuaishou Technology, others tumble in trading
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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% Tuesday 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%.