Two China-based stocks — Alibaba and JD.com — tumbled Monday as reports said the two planned strategic moves that investors apparently rejected. Despite the fall, BABA stock stayed above its 50-day moving average while JD stock flirted with it.
JD.com and Alibaba are the two largest e-commerce companies in China.
BABA stock dropped on speculation about whether China's equivalent of Amazon.com is moving its headquarters out of the country to Singapore.
Alibaba, based in the Chinese city of Hangzhou, denied the reports. The company acknowledged that it's building a new campus in Singapore, but said the facility would be used to house regional operations.
BABA Stock Drops 6.1%
Meanwhile, reports said JD.com is closing its consumer e-commerce services in Indonesia and Thailand amid intense competition in Southeast Asia.
In a statement, JD.com said it will continue to serve global markets, including Southeast Asia, through its supply-chain infrastructure.
BABA stock dropped 6.1%, closing at 111.20 on the stock market today. JD stock also plunged 6.1% to 59.83 on the stock market today.
In other China news, search-engine leader Baidu dipped 0.4% to 138.48 on news it will soon launch an AI chatbot like OpenAI's ChatGPT.
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