US listed Chinese shares decline after Alibaba disappoints



Shares of large Chinese technology companies were traded in New York after the technical conglomerate Alibaba reported the adjusted quarterly results that missed expectations.

The shares of the other Chinese tech giants also fell, with the KraneShares CSI China Internet ETF (KWEB) closing almost 2.3 percent lower.

Internet search company Baidu fell by more than 1.5 percent and fell 22.8 percent compared to a recent high, in a bear market.

The e-commerce company JD.com is also located in a bear market, 38 percent less than a recent highlight. The stock closed Thursday 2.9 percent lower.

Another competitor in online shopping, Vipshop, fell 4.1 percent. Gaming and internet company NetEase lost almost 2.5 percent and Internet content company Sina dropped almost 2 percent.

In general, US equities closed slightly, due to concerns about the trade war between the US and China and the legal problems of President Donald Trump.

Some winners in Thursday's session included live streaming social network YY, an increase of 0.17 percent, and tourism booking site Ctrip.com, an increase of 0.23 percent.

Alibaba's report completes a largely disappointing quarter for the Chinese tech giants, which are often grouped under the acronym "BATJ" (Baidu, Alibaba, Tencent and JD.com) and are among the largest Internet companies in the world.

Earlier this month Tencent, which is listed in Hong Kong, reported its first drop in profit in nearly 13 years, under the influence of a decline in gaming revenue, due to the increased supervision by the Chinese regulators of the sector. The revenues of JD.com also grew slower than analysts expected. Baidu did report profits that exceeded Wall Street's expectations.

Tencent shares dropped more than 1 percent in Hong Kong Friday morning amid declines in the Chinese and Hong Kong equity markets on the mainland.

– Reuters contributed to this report.


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