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A motorist travels past an Alibaba Group Holding Ltd. office building in Shanghai, China Qilai Shen/Bloomberg
Alibaba Group Holding could be in for more headaches both from China and the U.S. That is why investors may want to be wary about bargain-hunting just yet.
Beijing is tackling Alibaba (ticker: BABA) on multiple fronts through its regulatory scrutiny of the business model of Ant Group, which spun out of Alibaba, data protection rules that could limit Alibaba’s revenue growth prospects, and evolving antimonopoly moves that could push investors to further reassess what they are willing to pay for internet giants like Alibaba.
Chinese chip maker
Semiconductor Manufacturing International Corp. was among another batch of Chinese companies blacklisted in the U.S. on Friday, the latest in a flurry of moves targeting China in the last weeks of the Trump administration.
The intensifying strategic rivalry with China has played out most visibly in technology specifically semiconductors. This move targets Semiconductor Manufacturing International Corp., or SMIC, (ticker: 981.HongKong), the company central to China’s efforts to bolster its chip capability and reduce its reliance on the U.S.
The Commerce Department added SMIC to its so-called entity list, cutting off the company from U.S. technology that’s needed to produce advanced chips, unless suppliers sought a license. The department cited national security concerns and what the U.S. says is SMIC’s involvement with entities linked to the Chinese military.