Alibaba, Chinese tech stocks slip into the red ahead of JD.com earnings
Robert Way


Chinese tech stocks put in a mildly negative performance Wednesday as Wall Street awaited the quarterly results from Internet retailing giant JD.com (NASDAQ:JD).
Analysts currently estimate that JD (JD) will report a profit of 50 cents a share on $42.6B in sales which it delivers its latest results prior to Thursday's stock market open. For its part JD (JD) shares were barely above their breakeven point as trading progressed Wednesday afternoon.

Among other leading Chinese tech stocks, Alibaba (NYSE:BABA) was off by 2%. Earlier Wednesday, Alibaba's (BABA) cloud computing business signed a deal with crypto firm Mysten Labs, the developer of the Sui blockchain network, that suggests Alibaba (BABA) is making a push into the crypto sector.
Declines also came from Weibo (WB), Baidu (BIDU), PDD Holdings (PDD), NetEase (NTES), Bilibili (BILI) and Tencent Holdings (OTCPK:TCEHY).
The KraneShares CSI China Internet ETF (KWEB) was down by 1.4%.
Apple (AAPL) shares were up by less than 1% as Wedbush analyst Dan Ives said in a research report that there is evidence that iPhone maker is seeing positive business momentum in its business in China.