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On October 24, Chinese stocks fell sharply, and the Nasdaq China Golden Dragon Index fell 13.76% to 4503.19 points. Pinduoduo fell by more than 22%, BOSS direct employment fell by more than 20%, New Oriental, TAL, JD.com, Baidu, Huazhu fell by more than 15%, Alibaba, Xiaopeng Motors, Ideal Auto, Weilai, Ctrip, Bilibili Miles fell more than 12%.
Shares in Alibaba Group Holding Ltd. tumbled in premarket trading on Monday, falling below their IPO price for the first time since 2016.
The Chinese e-commerce giant’s American Depositary Receipt (ADR) was last down 12.7% at $63.03, well below its 2014 IPO price of $68.
The decline echoed Monday’s slump in Alibaba’s Hong Kong-listed shares. On October 24, Hong Kong stocks continued to weaken. The Hang Seng Index fell 6.36% to 15180.69 points; the Hang Seng Technology Index fell 9.65% to 2801.99 points; Alibaba’s lowest price was HK$60.80, a record low.
It is worth mentioning that Hang Seng Internet fell collectively. Among them, GDS fell by more than 17%; Meituan, JD.com, Bilibili, Kuaishou, and Baidu fell by more than 12%; Alibaba and Tencent Holdings fell by more than 11%. Tencent Holdings shares hit a new low since April 2017.
The last time Alibaba ADR traded below $68 was in 2016, after the Chinese stock market bubble burst. The Alibaba ADR then embarked on a multi-year bull market, hitting an all-time high closing price of $317.14 in October 2020.
Source: Comprehensive Wall Street Journal, Financial World
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