Latest News

Alibaba stock sinks to $92 — Here’s why shares are down

0

Alibaba (BABA) American depository shares closed at 52-week lows, at $92.92 on Thursday following JD.com’s (JD) quarterly print and amid renewed worries over Chinese ADRs delisting from U.S. exchanges.

The Securities and Exchange Committee (SEC) has named five Chinese companies which risk being delisted from U.S. exchanges if they do not provide details to back up their financial statements.

This content is not available due to your privacy preferences.

Update your settings here to see it.

The SEC update is part of the Holding Foreign Companies Accountable Act, which requires issuers of securities to establish that are not owned or controlled by a foreign government.

Also on Thursday, JD.com’s ADRs sank 15.8%, their biggest daily decline on record, after the e-commerce platform’s revenue growth slowed and its expenses widened.

Overall tech stocks in Hong Kong were volatile overnight. Chinese companies trading in the U.S. opened sharply lower on Thursday.

Chinese e-commerce and tech companies listed in the U.S. have declined significantly since last year after China’s regulators began cracking down on giants like Alibaba and JD.com.

BABA is down 28% year-to-date following a decline of 48% in 2021.

Alibaba is trading at multi-year lows. On Thursday it sank as much as 9% to an intraday low of $90.82

Ines is a stock market reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn

Rivian’s $117 Billion Wipeout Turns Sell-Side Fans Into Skeptics

Previous article

NIO Stock Debuts in Hong Kong. Its US Shares Are Getting Killed.

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News