Shares of Chinese fintech Alibaba Group Holding Ltd. showed negative dynamics for the third day in a row, and today the value of shares collapsed by 7.51% and amounted to 91.7 Hong Kong dollars. In dollar terms, the shares declined to $94.88. 

The main pressure on the quotes was exerted by the news that the head of the company, Jack Ma, intends to relinquish control over the holding's subsidiary, fintech Ant Group Co. It is noted that the Chinese regulator has already approved this decision. At the moment, Ma owns 50.52% of the voting shares.

Apart from concerns about Ant's earnings, there are also some concerns that the company's listing schedule may be delayed due to Jack Ma's decision. It is difficult for companies with a high share to get approval if there is a change in the key shareholder structure within three years.

Investors are also waiting for the publication of Alibaba's financial report. According to analysts' forecasts, the tech giant will report its first ever negative growth in quarterly revenue.

Such a sharp drop in Alibaba shares also led to a major decline in the Hang Seng Tech index. The index fell 4.9%, trading below its 50-day moving average.