TECH - What's Going On With Alibaba and Other Chinese Stocks Friday? | Benzinga
Alibaba Group Holding Limited (NYSE:BABA) and other major companies in Hong Kong have faced significant stock losses, marking the city’s third consecutive week of declines and the worst start to a year since 2016.
Alibaba closed lower by 1.3% on Thursday, with broader index KraneShares Trust KraneShares CSI China Internet ETF (NYSE:KWEB) closing lower by 0.42%. Contrastingly, IShares China Large-Cap ETF (NYSE:FXI) closed higher by 0.42% Thursday.
This downturn is driven by concerns over China’s economic future, with the Hang Seng Index dropping 0.9% to its lowest point since October 2022.
Similarly, the Tech Index fell by 2.1%, and the Shanghai Composite Index saw a 0.3% decline, SCMP reports.
Key players like Tencent Holding Ltd (OTC:TCEHY), Alibaba, and JD.com Inc (NASDAQ:JD) experienced substantial decreases in their stock values. EV manufacturers BYD Co, Ltd (OTC:BYDDF) (OTC:BYDDY), Li Auto Inc (NASDAQ:LI), and pharmaceutical companies Hansoh Pharma and Wuxi Biologics also witnessed notable stock drops.
Hong Kong’s stock market lost 6% this week, the most severe dip in nearly five months, due to disillusionment with China’s stimulus efforts ...