Alibaba, other Chinese tech stocks get caught in broad sector swoon
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Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU) and other leading Chinese Internet and tech stocks slumped Tuesday as the sector was rattled by a series of sector events, including Tencent Holdings (OTCPK:TCEHY) unloading a piece of its stake in Sea Limited (NYSE:SE).

Early Tuesday, Tencent (OTCPK:TCEHY) sold 14.5 million shares of Sea Limited (SE) stock at $208 a share, which was at the low end of an expected range of $208 to $212 a share. That sale helped drive Singapore-based Sea's (SE) shares down by more than 12% in Tuesday's trading session.
It was a case of guilt by association, as e-commerce platform operator PinDuoDuo (NASDAQ:PDD) saw its shares fall almost 12%. PinDuoDuo (PDD) was also impacted by investor Cathie Wood selling 250,000 shares of PinDuoDuo (PDD) stock from her Ark Fintech Innovation ETF
(NYSEARCA:ARKF). PinDuoDuo (PDD) shares also touched a 52-week-low of $49.23 as trading progressed Tuesday.
As is often the case with Chinese tech stocks, when one sneezes, the rest get sick. Alibaba (BABA) slipped by 2.6%, Baidu (BIDU) was off by almost 3%, Weibo (NASDAQ:WB) shares gave up 2.7%, JOYY Inc. (NASDAQ:YY) slipped by almost 2%, BiliBili (NASDAQ:BILI) dropped by 9% to a 52-week-low of $39.92 a share, and the KraneShares CSI China Internet ETF (NYSEARCA:KWEB) was down by more than 5%.
Chinese e-commerce and retail company JD.com (NASDAQ:JD) saw its shares give up almost 7%, Tuesday. JD (JD) shares have been in a slump since just before Christmas, when Tencent (OTCPK:TCEHY) said it would sell nearly all of its holdings in the company.