Alibaba, Bilibili highlight losses among Chinese Internet stocks
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Chinese tech stocks such as Alibaba (NYSE:BABA), Bilibili (NASDAQ:BILI) and Tencent Holdings (OTCPK:TCEHY) slumped Wednesday as the broad tech sector retreated and Wall Street waited to see which political party would end up controlling Congress.
By the close of trading, Alibaba (BABA) had fallen almost 5%, Bilibili (BILI) slumped by 12%, and Tencent (OTCPK:TCEHY) and Baidu (BIDU) each gave up more than 6%.
There was little directly affecting Chinese tech stocks, other than reports about the state of Covid-related lockdowns and restrictions in China. For example, a report early Wednesday said that Foxconn, which builds iPhones for Apple (AAPL), was still under Covid-19 restrictions, even though Beijing lifted a lockdown elsewhere in the city of Zhengzhou, where Foxconn has a massive iPhone-making facility.
Among other Chinese tech stocks, Weibo (WB) fell 6.6%, NetEase (NTES) gave up 4.7%, Pinduoduo (PDD) fell by 6% and JD.com (NASDAQ:JD) ended the day down by more than 6%.
The KraneShares CSI China Internet ETF (KWEB) also had a rough go of it, and fell almost 7% on the day.
The make up of the next Congress weighed on the minds of investors as Republicans appeared to be headed toward gaining control of the House of Representatives, and a handful of Senate races remained too close to call.