Alibaba stock drops as China regulator reportedly suspends partnership – MarketWatch

Alibaba Group Holding Ltd.
BABA,
-4.20%
shares fell Wednesday following reports that China’s IT regulator disciplined the company for failing to report an open-source security vulnerability to the government. American depositary receipts of Alibaba dropped as much as 6% Wednesday, and were last down 3.8% at $118.35. On Wednesday, China’s Ministry of Industry and Information Technology suspended a partnership with Alibaba for six months alleging that Alibaba failed to promptly report bugs in the open-source logging platform Apache Log4j2 to government officials, according to media reports. About two weeks ago, reports surfaced that the software contained a bug that would allow remote hackers to make changes to target devices.