Shares of U.S.-listed Chinese tech firms Alibaba Group Holding Ltd BABA, Tencent Holdings TCEHY, JD.Com JD, and Baidu Inc BIDU, which had a subdued closing in the U.S. Markets, continued to slide in Hong Kong on Wednesday morning, as well.
What Happened: The benchmark index Hang Seng traded in red, dropping almost 1%. At the same time, its Asian peers SGXNifty and SSE Composite Index showed mixed sentiments amid weak global cues and lingering worries over China’s COVID-19 curbs.
Companies In News: Chinese e-commerce giants listed in the U.S. have seen more of their shares shift to the Hong Kong market as Beijing failed to impress American regulators.
Almost 77% of JD.com Inc’s shares are circulating in Hong Kong‘s clearing and settling system as of April 19, versus 44% at the start of the year. Alibaba’s Hong Kong-listed share portion rose to 56% from 53% in the same period.
Chinese technology giant Baidu has outperformed the market over the past 15 years by 15.57% on an annualized basis, producing an average annual return of 23.12%.