Alibaba, Bilibili highlight losses among Chinese Internet stocks - Seeking Alpha

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Chinese tech stocks specified arsenic Alibaba (NYSE:BABA), Bilibili (NASDAQ:BILI) and Tencent Holdings (OTCPK:TCEHY) slumped Wednesday arsenic the wide tech assemblage retreated and Wall Street waited to spot which political enactment would extremity up controlling Congress.

By the adjacent of trading, Alibaba (BABA) had fallen astir 5% 4%, Bilibili (BILI) slumped by 12%, and Tencent (OTCPK:TCEHY) and Baidu (BIDU) each gave up much than 6%.

There was small straight affecting Chinese tech stocks, different than reports astir the authorities of Covid-related lockdowns and restrictions successful China. For example, a study aboriginal Wednesday said that Foxconn, which builds iPhones for Apple (AAPL), was inactive nether Covid-19 restrictions, adjacent though Beijing lifted a lockdown elsewhere successful the metropolis of Zhengzhou, wherever Foxconn has a monolithic iPhone-making facility.

Among different Chinese tech stocks, Weibo (WB) fell 6.6%, NetEase (NTES) gave up 4.7%, Pinduoduo (PDD) fell by 6% and JD.com (NASDAQ:JD) ended the time down by much than 6%.

The KraneShares CSI China Internet ETF (KWEB) besides had a unsmooth spell of it, and fell astir 7% connected the day.

The marque up of the adjacent Congress weighed connected the minds of investors arsenic Republicans appeared to headed toward gaining power of the House of Representatives, and a fistful of Senate races remained excessively adjacent to call.