Shares of U.S.-listed Chinese tech firms Alibaba Group Holding Ltd (NYSE:BABA), Tencent Holdings (OTC:TCEHY), and Baidu Inc (NASDAQ:BIDU) slid on Tuesday morning in Hong Kong as the market opened after a four-day holiday.
| Stock | Movement (+/-) |
|---|---|
| JD.com | -0.18% |
| Alibaba Group | -3.93% |
| Tencent Holdings | -3.26% |
| Baidu Inc | -6.24% |
These Chinese companies also fell in U.S. markets on Monday, although JD.Com (NASDAQ:JD) gained about 2% in an otherwise volatile market.
What Happened: The benchmark Hang Sang index was down almost 2.69%, a nearly three-week low, amid weak global cues.
The People's Bank of China issued guidelines on Monday on its approach to supporting the economy hit by draconian COVID-19 lockdowns in Shanghai and elsewhere but avoided any mention of the reserve requirement ratio.
Company In News: Meanwhile, Tencent is looking to shut down a service that allows Chinese gamers access to unapproved foreign games, reflecting the growing regulatory crackdown. Gamers in China can only play government-approved titles. They cannot play with gamers on foreign servers.
