Alibaba, other Chinese techs hold steady as Beijing officials work with U.S. auditors
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Chinese tech stocks such as Alibaba (NYSE:BABA), JD.com (NASDAQ:JD) and Tencent Holdings (OTCPK:TCEHY) saw mild losses Thursday amid a report that Beijing officials are working with U.S. auditors on inspections of some Chinese companies.
The China Securities Regulatory Commission [CSRC] and the Ministry of Finance are helping auditors from the Public Company Accounting Oversight Board have gone to Hong Kong to aid the U.S. auditors in their work, according to a report from Reuters. The audits are part of new regulations for Chinese companies that have their shares listed in the U.S. American and Chinese officials reached an agreement over the auditing issue last month.
The audits are expected to take up to two-and-a-half months to complete. Companies such as Alibaba (BABA) and JD.com (JD) were expected to be among those audited by the U.S. regulators.
Reaction to the auditing situation was slightly negative as trading progressed. Alibaba (BABA) slipped by 1%, while JD.com (JD), Tencent Holdings (OTCPK:TCEHY), Weibo (WB), Baidu (NASDAQ:BIDU) and NetEase (NTES) each gave up less than 1%. 
Bilibili (BILI) and Pinduoduo (PDD) went in the opposite direction and were each up about 1.4%.
The KraneShares CSI China Internet ETF (KWEB) held to its breakeven line.
Apple (AAPL) also had some dealing involving China, as some U.S. senators have begun pressuring the company over a possible deal with Chinese chipmaker Yangtze Memory Technologies.