Online Drug Sellers Lead China Tech Losses on Fears of Sales Ban
(Bloomberg) — Shares of China’s online drug sellers slumped in Hong Kong Wednesday after a media report renewed concerns that Beijing may ban third-party platforms from offering medicines over the internet.
Alibaba Health Information Technology Ltd. plunged 14%, and JD Health International Inc. tumbled 15%, wiping out three days of strong gains. Weakness in pharmaceutical shares and concerns of a global recession led the Hang Seng Tech Index to a decline of 4.4%.
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