TCEHY - Alibaba Baidu losses lead weak day for Chinese Internet companies

2023-04-20 14:18:31 ET

Alibaba ( NYSE: BABA ), Baidu ( BIDU ) and other Chinese Internet and tech stocks slipped into the red Thursday as Beijing gave its approval to 86 new video games.

China's National Public and Press Association released a list of the games that got the OK, with all the titles coming from games produced by Chinese-based companies.

Titles from the likes of Alibaba ( BABA ), Baidu ( BIDU ) and TikTok owner ByteDance ( BDNCE ) made the cut with the Chinese gaming regulators. China has been ramping up its gaming-license approvals over the last few months as part of its loosening up on restrictions that were implemented two years ago.

However, investors were in selling mode, with most Chinese tech stocks. Alibaba ( BABA ) shares fell by almost 3%, while Baidu ( BIDU ) was off by less than 1%. Other declines came from Tencent Holdings ( OTCPK:TCEHY ), which slipped by 0.8%; JD.com ( JD ), down by more than 2%, and PDD Holdings ( PDD ). NetEase ( NTES ) managed to cling to a small gain as trading progressed.

The KraneShares CSI China Internet ETF ( KWEB ) was off by 1.2%.

Earlier this week, Alibaba ( BABA ) got a boost following reports that China will reduce a fine and charges against the company's Ant Group subsidiary .

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