According to China Galaxy Securities, the property sector alone accounted for 6.1% of China's economy in 2022, and industries linked to the real estate market can contribute to about a quarter of the economy.

Meanwhile, China ditched the live broadcast of some esports matchups at the Hangzhou Asian Games amid concerns about internet addiction.

The move marks the country's monitoring of the video gaming industry since its crackdown.

In 2023, Alibaba and Tencent collaborated to promote their flagship brands in a rare collaboration, renewing their focus on online shopping and esports.

China has eased its years-long crackdown on the video gaming industry and has promoted esports ahead of the coming Asian Games.

Price Action: BABA shares traded lower by 2.56% at $86.04 premarket on the last check Monday.