Alibaba, Weibo lead Chinese tech losses in COVID-related swoon
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Alibaba (NYSE:BABA), Bilibili (NASDAQ:BILI) and Weibo (NASDAQ:WB) lost ground as investors turned their backs on Chinese tech stocks Wednesday amid more back-and-forth over China's COVID-19 policies and cases.
On Wednesday, the Biden Administration said that travelers coming from China would have to test negative for COVID before being allowed into the United States. The new policy will require all travelers who are at least two years old, and on flights from China, Hong Kong or Macau, to test negative for COVID two days before departing for the U.S. The new rules will go into effect on January 5.
Among leading Chinese tech stocks, Alibaba (BABA) fell 3%, Weibo (WB) gave up almost 6% and Bilibili (BILI) fell 8% a day after it reportedly set plans to cut 30% of its staff in its gaming, operations and streaming TV departments.
Other losses came from Baidu (BIDU), down more than 4%; NetEase (NTES), which was off by 2%; JD.com (NASDAQ:JD), down by 4.5%, and Tencent Holdings (OTCPK:TCEHY), down by almost 2% on the day.
Early Wednesday, Tencent (OTCPK:TCEHY) was among a group of companies that got approval from Chinese officials to release a slate of foreign videogames in China.
Wednesday's losses came on the heels of China saying on Tuesday that beginning January 8, international travelers would only have to provide a negative COVID test taken 48 hours before their arrival in the country, and such travelers would no longer have to quarantine for five days upon arrival in China.