Why Alibaba Rivals JD.com And Pinduoduo Are Falling Sharply Wednesday

Shares of Alibaba Group Holding Ltd - ADR BABA rivals JD.Com Inc JD and Pinduoduo Inc - ADR PDD are trading sharply lower going into the close of Wednesday's session. Shares of several Chinese companies at large are trading lower following Hong Kong leader John Lee's policy address.

What's Happening In Hong Kong?

Per the South China Morning Post, in his maiden policy address on Wednesday, Chief Executive John Lee said the government would introduce new set-ups and measures to drive the city’s economic growth and enhance its competitiveness.

The South China Morning Post said the address by Lee expressed his determination to compete for enterprises, investment and talent:

“Hong Kong is one of the most competitive economies in the world,” Lee said.

“It also serves as an important gateway connecting the mainland with global markets. We must be more proactive and aggressive in ‘competing for enterprises’ and ‘competing for talent.’

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“To enhance our competitiveness, the government will put in place new institutional set-ups and implement an array of new initiatives targeted at attracting enterprises, investment and talent,” Lee said in his address, per the South China Morning Post.

According to data from Benzinga Pro:

• JD.com is trading lower by 8.26% to $40.98
• Pinduoduo is trading lower by 6.51% to $54.57