Alibaba, Bilibili among decliners as Chinese tech stocks join in broad market rout
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Alibaba (NYSE:BABA), Bilibili (NASDAQ:BILI), Tencent Holdings (OTCPK:TCEHY) and every other notable Chinese Internet stock fell into the red, Monday, in what was largely a case of guilt by association as a plethora of world and national issues sent investors into selling mode.

Among the biggest Chinese tech companies, Alibaba (BABA) shares gave up 4.7%, Weibo (NASDAQ:WB) fell by 4.5%, Tencent (OTCPK:TCEHY) shed more than 3%, JD.com (NASDAQ:JD) fell almost 6%, Baidu (NASDAQ:BIDU) shares fell almost 7% and DiDi Global (NYSE:DIDI) gave up 4.5%.
Investors remained skittish, in general, due to ongoing concerns about possible Russian military action against Ukraine and what the Federal Open Market Committee will say about plans for getting inflation back under control. All of that conspired to slice more than 900 points off of the blue chip Dow Jones Industrial Average (DJI) at one point during Monday's trading session.
While the Chinese tech companies were largely victims of overall market negativity, there were some actions that appeared to have a direct bearing on the sector.
Over the weekend, the South China Morning Post reported that the Beijing government recently put more pressure on its country's tech leaders by telling 11 companies, including Alibaba (BABA) and Tencent (OTCPK:TCEHY) to do more to protect the rights of their gig economy workers.
Online entertainment services provider Bilibili (BILI) saw its shares fall more than 6%, as Jefferies analyst Thomas Chong cut his price target on the company's stock to $62 a share from $97, saying that revenue from online gaming and advertising this year might not meet expectations.