TAL - Why Alibaba JD.com and TAL Education Group Are Falling Today
Major Chinese stocks trading on U.S. exchanges continued struggling today amid important sectorwide news and the beginning of earnings season.
Shares of Chinese e-commerce specialists Alibaba (NYSE: BABA) and JD.com (NASDAQ: JD) were down roughly 8.5% and 5.5%, respectively, as of 9:52 a.m. ET. Meanwhile, shares of the online tutoring company TAL Education Group (NYSE: TAL) had fallen almost 9%.
Earlier this week, Alibaba announced that it plans to do a dual stock listing and list shares in Hong Kong in addition to its current listing on the New York Stock Exchange. The company said it will list in Hong Kong before the end of the year. Management cited the fact that Hong Kong is a centerpiece of the company's "globalization strategy" and that it is "fully confident in China's economy and future."
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Why Alibaba, JD.com, and TAL Education Group Are Falling Today