Chinese tech stocks were mostly in the red Monday as mild early gains petered out after Alibaba ( NYSE: BABA ) said it would work to keep its shares on the New York Stock Exchange despite being put on a watchlist for potential delisting by the U.S. Securities and Exchange Commission.
Alibaba ( BABA ) shares slipped by 0.5% after the company told the Financial Times that it would "strive to maintain its listing status" on both the NYSE and the Hong Kong Stock Exchange while it monitors market developments and the SEC situation.
On Friday, the SEC added Alibaba ( BABA ) to a group of companies that could be delisted if for three consecutive years those companies don't allow U.S. regulators to audit their businesses in accordance with U.S. law. By the time U.S. stock markets closed on Friday, Alibaba ( BABA ) shares had fallen more than 11% .
Alibaba ( BABA ) actually had it pretty easy on Monday compared to other Chinese tech stocks.
Weibo ( WB ) shares fell more than 6%, Pinduoduo ( PDD ) was down by 3.5%, JD.com ( JD ) shed 2.5%, Tencent Holdings ( OTCPK:TCEHY ) gave up 3.7% and NetEase ( NTES ) was off by more than 2%.
Chinese Internet search leader Baidu ( BIDU ) saw its shares shed almost 3%. According to a report in the Financial Times, Jidu, an autonomous electric car startup supported by Baidu ( BIDU ), is looking at raising between $300M and $400M and reach a valuation of $3.5B .
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Chinese tech stocks slide; Alibaba to 'strive' to avoid NYSE delisting