Stock Track | Kuaishou Shares Plunge 11% on Slowing E-Commerce Growth, Tech Sell-Off-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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Stock Track | Kuaishou Shares Plunge 11% on Slowing E-Commerce Growth, Tech Sell-Off

Stock Track08-21

Shares of Chinese short-video app operator Kuaishou Technology (01024) plummeted 11.82% during intraday trading on August 21, 2024, amid a broader sell-off in the Chinese tech sector and concerns over the company's slowing e-commerce growth.

The decline in Kuaishou's stock price was part of a broader rout in Chinese tech stocks, fueled by speculation that foreign investors are dumping these shares due to worries about earnings and the overall economic outlook. The Hang Seng Tech Index tumbled 2% as investors struggled to sustain their interest or bets on Chinese stocks amid the country's slowing economic momentum.

Kuaishou's disappointing second-quarter earnings report further exacerbated the selling pressure. While the company's revenue and profit grew year-over-year, its e-commerce business, a key growth driver, experienced a slowdown. Kuaishou's gross merchandise value (GMV) increased by only 15% compared to the previous quarter's 28% growth, reflecting weaker consumer demand and heightened competition in China's e-commerce market.

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