On Friday, Alibaba stocks dropped as the tech giant vowed to invest $15.5 billion by 2025, fostering social equality.
Alibaba Group Holding Ltd. plummeted 3.57% or 6.71 points to $164.90 per share.
Recently, several companies pledged billions to support the common prosperity slogan of Beijing, as they seek to stay on the good side of the government.
President Xi Jinping initiated the drive, which intends to distribute wealth to ease inequality in the country.
Moreover, Alibaba’s charitable donation will support subsidies for small and medium-sized firms and insurance protection for gig economy workers.
Earlier this year, the e-commerce company and its tech rivals significantly suffered in Beijing’s regulatory crackdown.
The tech scrutiny highlighted issues ranging from monopolistic behavior to consumer rights.
Consequently, Alibaba received a fine of $2.75 billion in April regarding its monopoly violations.
Meanwhile, Tencent also announced to dedicate $7.70 billion towards the common prosperity drive.
The company mentioned that it aims to aid income for the poor and education inequality.
Then, Tencent Holdings Ltd declined 1.61% or 8.00 points to $488.00 per share.
Accordingly, Hong Kong’s Hang Seng index plummeted 0.72% or 188.44 points to $25,901.99 per share.
Furthermore, Tokyo stocks reacted sharply as Japan’s Prime Minister Yoshihide Suga announced to step down this month.
The Nikkei 225 index jumped 2.05% or 584.60 points to $29,128.11 per share.
Similarly, Japan’s broader TOPIX index also inched up to 1.61% or 31.88 points to $2,015.45 per share.
Also, China’s Shanghai Composite index declined 0.43% or 15.31 points to $3,581.73 per share.
Consequently, the Shenzhen Component index dipped 0.68% or 97.47 points to $14,179.86 per share.
The US Stocks Up as Asian Stocks Mixed
Furthermore, US stocks rose as Asian stocks mixed ahead of the release of the August nonfarm payrolls today.
In the July report, the nonfarm payrolls jumped 943,000 from 938,000 in the previous month.
Meanwhile, analysts dropped the forecast to 763,000 for the August data.
Moreover, the expected unemployment rate plummeted to 5.20% from its previous data of 5.40%.
Investors look forward to this US job data as it could influence the Federal Reserve’s monetary policy.
The Nasdaq Composite index soared 0.14% or 21.80 points to $15,331.18 per share.
Also, Dow Jones Industrial Average jumped 0.37% or 131.29 points to $35,443.82 per share.
Then, the S&P 500 index edged up 0.28% or 12.86 points to $4,536.95 per share.