Alibaba Stock Fell After China Issues New Draft Rules on Foreign Listings

China has issued a draft of rules for Chinese companies wishing to list overseas. It’s not providing one for companies such as Alibaba Group Holding and Baidu, whose American depositary receipts already trade on U.S. exchanges.

Ever since DiDi Global’s disastrous initial public offering in the U.S., markets have been wondering what’s next for Chinese companies listed on foreign exchanges. The concerns ranged from whether they’d continue to be able to use the loophole that allowed them to list in the first place to what China…