BABA - Alibaba JD.com among Chinese tech decliners in wake of Bridgewater's selloff

Alibaba ( NYSE: BABA ), JD.com ( NASDAQ: JD ) and Baidu ( NASDAQ: BIDU ) lost ground Wednesday as much of the Chinese tech sector retreated in the wake of Ray Dalio's Bridgewater Associates disclosed it has sold off all of its holdings in a handful of bellwether Chinese tech stocks.

Bridgewater said in its 13F filing that as of June 30, it had sold its entire 7.5M-share stake in Alibaba ( BABA ), as well as all of its shares in e-commerce leader JD.com ( JD ), ride-sharing giant DiDi Global ( OTCPK:DIDIY ), NetEase ( NTES ) and Bilibili ( BILI ).

As trading progressed on Wednesday, Alibaba ( BABA ) shares were down by 2.3%, JD.com ( JD ) pulled back by 2%, DiDi ( OTCPK:DIDIY ) gave up more than 3%, Weibo ( NASDAQ: WB ) fell almost 5%, Baidu ( BIDU ) was down by more than 3%, NetEase ( NTES ) slipped by 2% and Bilibili ( BILI ) gave up 2.5%.

Pinduoduo ( PDD ) shares fell by 3% following a report that the company could launch a cross-border e-commerce platform in the fall , with the U.S. as its first market.

Not all Chinese tech stocks found the growing rough, as Tencent Holdings ( OTCPK:TCEHY ) shares climbed more than 4%. Prior to the start of trading, Tencent ( OTCPK:TCEHY ) said reports that it was looking to sell its stake in Chinese food-delivery company Meituan ( OTCPK:MPNGF ) are inaccurate. Tencent ( OTCPK:TCEHY ) currently own about a 17% stake in Meituan ( OTCPK:MPNGF ) that is valued at approximately $24B.

For further details see: