Alibaba, among Chinese tech decliners in wake of Bridgewater's selloff

Aug. 17, 2022 1:33 PM ETAlibaba Group Holding Limited (BABA), JD, BIDU, WBNTES, TCEHY, DIDIY, BILI, PDD, MPNGFBy: Rex Crum, SA News Editor49 Comments

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Igor Kutyaev

Alibaba (NYSE:BABA), (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), 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) 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%.

Pinduoduo (PDD) shares fell by 3.7% following a report that the company could launch a cross-border e-commerce platform in the fall, with the U.S. as its first market.

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.

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