Alibaba, JD.com among Chinese techs swooning as Beijing boosts Covid restrictions
maybefalse/iStock Unreleased via Getty Images

Chinese tech stocks such as Alibaba (NYSE:BABA) and JD.com (NASDAQ:JD) were dragged into the red Friday as reports that China is implementing new Covid-related restrictions around the country.
Any new, or ongoing Covid restrictions on travel within China, and especially on business operations, would be seen as having a negative effect on the nation's economy, and could lead to more upheaval in the supply chains of leading tech companies that build their products in China.
And Chinese tech companies that have been subject to regulatory and governmental pressure and crackdowns for more than two years slumped on the Covid reports as trading progressed on Friday.
Alibaba (BABA) shares fell almost 4%, while JD.com (JD) was off by nearly 5%, NetEase (NTES) shed more than 3%, Tencent Holdings (OTCPK:TCEHY) gave up almost 5%, Baidu (BIDU) fell almost 4% and Pinduoduo (PDD) fell by nearly 7%.
The KraneShares CSI China Internet ETF (KWEB) also slumped by more than 4%.
According to reports from analysts with Nomura, Chinese officials have begun ramping up the country's Zero Covid policy by imposing new lockdowns in different areas, possibly in an effort to combat a fall-season rise in new Covid cases. Nomura analyst Ting Lu said that there have been almost no signs of an easing of Covid restriction since the end of China's Communist Party wrapped up its 20th National Congress last weekend.