Alibaba (NYSE:BABA), JD.com (NASDAQ:JD) and Baidu (NASDAQ:BIDU) lost ground Wednesday as much of the Chinese tech sector retreated in the wake of Ray Dalio's Bridgewater Associates disclosed it has sold off all of its holdings in a handful of bellwether Chinese tech stocks.
Bridgewater said in its 13F filing that as of June 30, it had sold its entire 7.5M-share stake in Alibaba (BABA), as well as all of its shares in e-commerce leader JD.com (JD), ride-sharing giant DiDi Global (OTCPK:DIDIY), NetEase (NTES) and Bilibili (BILI).
By the time trading ended Wednesday, Alibaba (BABA) shares had fallen 3.1%, JD.com (JD) pulled back by 2%, DiDi (OTCPK:DIDIY) had given up more than 3%, Weibo (NASDAQ:WB) had fallen 4.4%, Baidu (BIDU) shares had lost 2.6%, NetEase (NTES) fell by 1.7% and Bilibili (BILI) had given up more than 3%.
Not all Chinese tech stocks found the growing rough, as Tencent Holdings (OTCPK:TCEHY) shares climbed more than 3%. Prior to the start of trading, Tencent (OTCPK:TCEHY) said reports that it was looking to sell its stake in Chinese food-delivery company Meituan (OTCPK:MPNGF) are inaccurate. Tencent (OTCPK:TCEHY) currently own about a 17% stake in Meituan (OTCPK:MPNGF) that is valued at approximately $24B.