PDD - Alibaba Shares Tumble Wednesday - Here's Why | Benzinga
Alibaba Group Holding Limited (NYSE:BABA) and other Hong Kong stocks plummeted to a 14-month low Tuesday following a report on China’s economic growth falling short of expectations and declining home prices.
The Hang Seng Index dropped 2.8% to its lowest point since November 2022, marking the steepest one-day decline in six months.
The broader indexes IShares China Large-Cap ETF (NYSE:FXI) and KraneShares Trust KraneShares CSI China Internet ETF (NYSE:KWEB) fell 3% – 4% Tuesday.
Alibaba stock fell roughly 3% in Hong Kong. PDD Holdings Inc (NASDAQ:PDD) and JD.Com, Inc (NASDAQ:JD) shed close to 4-5%. Financial stocks like HSBC Holdings, Plc (NYSE:HSBC) and AIA Group also faced losses, SCMP reports.