Investing.com-- Alibaba and JD.com shares fell in Hong Kong trade on Thursday after the two and several other e-commerce firms were summoned by China's market regulator over quality controls.
Alibaba slumped 5.9% to HK$97.55– while JD fell 4.7% to HK$97.90. The two were among the biggest weights on the Hang Seng index, which tumbled 2.9%.
Kuaishou, which was also summoned by the regulator, fell over 4% in Hong Kong trade.
China's State Administration for Market Regulation (SAMR) said in a statement that it "recently" held a special symposium in Beijing on improving the quality of products and services offered by Alibaba, JD, and their peers.
The SAMR noted that while e-commerce operators had undertaken measures to operate in line with guidance issued last year, there remained quality and safety risks, especially in formats such as livestreaming e-commerce and quick retail.
While the SAMR's statement did not outline any immediate measures, it presented a new layer of regulatory scrutiny for China's largest e-commerce giants, amid an ongoing crackdown on the sector by Beijing.
Other attendants at the symposium included Bytedance's Douyin, Pinduoduo Vipship, and Dewu.
China had earlier this year carried out antitrust action against several e-commerce operators, most notably Trip.com.
Over the past year, China had also repeatedly intervened in the e-commerce sector to halt an increasingly bitter price war amongst its biggest players, as Alibaba, JD, and Meituan rushed to capture a greater share of the fast-growing quick commerce sector.
Alibaba, JD, and Kuiaishou shares were also battered by a broader rout in technology stocks, amid a rapid unwinding of artificial intelligence-driven gains this year.
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