TAIPEI (Taiwan News) — Alibaba’s Hong Kong share price tanked Friday (Nov. 19) after the company warned investors of slowing growth.

The nosedive amounted to a 10.7% cut to the company’s market value and followed a similar drop on Thursday (Nov. 18) for its Wall Street stock price, according to a CNN report. Investors were rattled by the company’s latest quarterly earnings report, which fell roughly US$1 billion (NT$27.83 billion).

This was lower than expected and mirrors an overall slowdown in the domestic Chinese economy which is hitting big tech especially hard due to Beijing’s crackdown on the sector. Alibaba has had a lackluster year overall, having lost 40% of its total stock value.

The company’s earnings per share have also dropped 38% from one year ago, disappointing investors further. Alibaba discussed the new regulatory pressures it faces in its latest earnings report, pointing to a "regulatory environment that affects Alibaba's business operations" and "privacy and data protection regulations and concerns."

Alibaba is not alone though. Other Chinese tech giants like Baidu, Tencent, Bytedance, and Didi have had their wings clipped by new rules and in some cases have faced enormous fines for perceived monopolistic behavior.

Yet it is not doom and gloom for everyone in China tech. Things are looking up for some of Alibaba’s competitors, like rival e-commerce platform JD.com, which reported impressive profits in its latest earnings statement.

While Alibaba’s share price has slid down over 30% in the last six months, JD.com’s Hong Kong-listed stock has climbed 20% during the same period.