KWEB - JD.com leads Chinese tech stocks lower amid fresh inflation concerns

2023-05-12 11:55:00 ET

Chinese tech stocks looked to end the week lower after an economic report showed heightened inflation concerns from consumers.

JD.com ( NASDAQ: JD ) sank nearly 5.5% , one day after it reported first-quarter results that handily topped expectations and unveiled management changes.

Ob Thursday, JD.com ( JD ) reported first-quarter adjusted earnigs of 69 cents per share as revenue rose 1.4% year-over-year to $35.4B. Analysts were expecting adjusted earnings of 50 cents per share and $34.96B in revenue.

The company added that adjusted EBITDA rose 56.6% year-over-year to $1.4B during the period.

In addition, JD.com ( JD ) said Sandy Xu, the current CFO, would succeed Lei Xu as the company's CEO and executive director. Ian Su Shan, currently the CFO of JD Logistics, is the new CFO of the entire company.

Also seeing losses were Chinese tech heavyweights Alibaba ( BABA ), Pinduoduo ( PDD ), Tencent ( OTCPK:TCEHY ) and Baidu ( BIDU ), which all dipped around 2.5% or more .

Smaller Chinese tech stocks also lost ground as Bilibilii ( BILI ) dropped nearly 5%, while Kingsoft Cloud Holdings ( KC ) and NetEase ( NTES ) were down 2.5% or more .

The KraneShares CSI China Internet ETF ( KWEB ) dipped 2.5% shortly before 12 p.m. EST. on light volume.

More on Chinese tech stocks

• Chinese tech stocks move higher after strong Q1 from JD.com
• Chinese tech stocks slip as US watchdog finds 'unacceptable' problems with audits
• Chinese Internet stocks rise on slate of J.P. Morgan upgrades

For further details see: