Business

Alibaba, JD, Baidu and NIO Sink as China Tech Stocks By US Selloff


Chinese tech shares fell on Friday, sending the Hang Seng index to new lows. They appear to be tracking US investors who have fled the sector after a string of disappointing earnings reports.


Alibaba

(ticker: BABA) shares in Hong Kong fell 5%, while

JD.com

(JD) decreased by about 7% and

Baidu

(BIDU) and

Tencent

(TCEHY) decreased by about 6%. The

Hang Seng Technology Index

closed down 5.6%, contributing to the decline

Hang Seng Index

was 3.7%, hitting its lowest level since April 2009.

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