Why Alibaba Is Sliding, While Other Tech Stocks Are Rising In Hong Kong Today

Shares of U.S.-listed Chinese tech firms JD.Com Inc. JDTencent Holdings TCEHY, and Baidu Inc. BIDU rose in Hong Kong on Thursday, while e-commerce giant Alibaba Group Holdings Ltd. BABA was trading in the red.

How Big Tech Stocks Are Faring In Hong Kong Today
Stocks Movement (+/-)
Alibaba -2.59%
JD.Com 0.53%
Tencent 0.54%
Baidu 2.09%

What Happened: The Hang Seng Index was firmer at press time on Thursday, following positive cues in global markets.

According to an SCMP report, Hong Kong will start easing social-distancing rules that have been in place for months from April 21, including an extension of dine-in hours for restaurants. It added that people would be permitted to take off their masks when visiting parks and exercising outdoors.

Company In NewsAlibaba Cloud, the cloud computing unit of the e-commerce firm, is undergoing an aggressive reshuffle among senior executives.

Its China President Ren Geng on Wednesday resigned for undisclosed reasons, with Vice President Huang Haiqing succeeding him. Geng looked to leave as early as 2021 but had stayed back. 

Posted In: AsiaNewsMarketsMoversTechTrading IdeasChinese tech StocksHang SengHong Kong stock market
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...