Alibaba Group Holding Limited (NYSE:BABA) and peer Chinese technology stocks are trading lower Monday after China's economy grew slower than expected in the second quarter, with a protracted property downturn and job insecurity stalling recovery efforts.
The world's second-largest economy expanded by 4.7% from April to June, missing the 5.1% forecast by analysts and marking its slowest growth since Q1 2023.
Alibaba's domestic rivals, including PDD Holdings Inc. (NASDAQ:PDD), Baidu, Inc. (NASDAQ:BIDU), JD.Com, Inc. (NASDAQ:JD) and Bilibili Inc. (NASDAQ:BILI), are trading lower on Monday following the dismal macro report.
The report also hit Chinese electric vehicle stocks, including NIO Inc (NYSE:NIO), XPeng Inc (NYSE:XPEV) and Li Auto Inc (NASDAQ:LI).