Alibaba Suspends Vaping Products in U.S on Health Concerns
Alibaba Group Holding Ltd. (NYSE: BABA) is suspending sales for vaping products in the United States on health hazard concerns.
China's top e-commerce company restricted vape pens, herbal vaporizers and empty pods, as reported by various media.
"There have been many concerns raised in the United States regarding under-age e-cigarettes usage, and the potential public health issues related to vaping products," Alibaba announced, as cited by the Wall Street Journal.
U.S. President Donald Trump expressed his concerns last month, according to news agency MSNBC, after a number of deaths among teens were found to be related to vaping.
Last week, the nation's health protection agency, Centers for Disease Control and Prevention (CDC), rang the alarm, stating vaping has led to 1,080 incidents of lung illnesses and 18 deaths.
Alibaba's competitor in China, JD.com Inc. (Nasdaq: JD), announced similar plans to cease vaping sales in the U.S, Beijing News reported.
Shares in Alibaba were trading at $165.09 apiece on Thursday afternoon, down 4 cents, after jumping to a high of $168.57 in early trading.
JD.com was at $28.46 per American depositary share intraday, up 8 cents, also down from its morning jump.
Ruhnn Skyrockets 25% on $15 Million Repurchase Program
NetEase Announces $2.8 Billion Hong Kong Listing, Warns Delisting Risk
China Jo-Jo Drugstores Tumbles 49% on $10 Million Direct Offering
Today's Key Move in Oil
Hong Kong Stocks Enjoy More Gains as More Trade Tensions Loom
Casino Stocks: Are They Worth Playing?