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JD.com, Alibaba and China Tech Stocks Sink Further

The Hang Seng Tech Index was down by 3.3% at the close of trading in Hong Kong and has dropped by about 12% since April 28

JD.com to exec salaries
JD has been hit by a slowing economy and flagging consumer spending this year.


Chinese tech stocks fell again on Tuesday, following a rout on Wall Street, plunging by up to 7% in morning trading in Hong Kong before recouping half their losses later in the day.

The Hang Seng Tech Index was down close to 3.3% at the close of trading and has dropped by about 12% since April 28.

JD.com fell by 8.3% to HK$207.80, Alibaba Group Holding slipped by nearly 4.4% to HK$86.40, while Meituan dropped by 3.3% to HK$151.80.

Gloomy global sentiment about inflation and China’s declining exports, caused partly by Covid lockdowns and Beijing’s orders for officials to maintain their “dynamic zero” strategy, dragged Hong Kong and Asian markets down again.

Asian shares are now at their lowest in nearly two years, with investors fretting about the rising interest rates and lower economic growth.

Customs data released on Monday showed that China’s export growth fell sharply in April – from 14.7% over the previous year in March – to just 3.9%, the lowest level in close to two years.

And according to Refintiv data, 52% of Asian companies missed their consensus earnings forecasts in the first quarter.


• Jim Pollard with Reuters






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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.


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