Why Are Alibaba Shares Trading Lower Today?

China market watchdog State Administration for Market Regulation (SAMR) expects more from "super-large platforms" like Alibaba Group Holding Ltd BABA, Tencent Holdings Ltd TCEHY, Meituan MPNGF MPNGY in data protection, treatment of workers, and fair competition, Reuters reports.
The super large platforms definition includes over 500 million users, a wide range of business types, and a market value of over CNY 1 trillion ($16 billion). The super large platforms have already faced criticisms in 2020 under China's regulatory crackdown.
SAMR ordered the super large platforms to abide by the principles of fairness when offering services and open their services up to other platform operators. The watchdog discouraged them from procuring data without users' consent and emphasized data transparency while using big data for recommending products.
The draft guidelines were open to public consultation until November 8.
Price Action: BABA shares traded lower by 3.53% at $163.75 on the last check Friday.