Hot Chinese ADRs Slid in Morning Trading
Tiger Newspress2022-08-01
Hot Chinese ADRs slid in morning trading.
Alibaba, Baidu, Bilibili, iQiyi, JD.com, NetEase, Pinduoduo, and RLX Technology slid between 1% and 7%.
The U.S. Securities and Exchange Commission added Alibaba Group to the list of Chinese companies that could be delisted, according to a report by Reuters. The company is also set to release its earnings later this week.
Alibaba Group Holding Ltd said it would work to maintain its New York and Hong Kong stock exchange listings after the Chinese e-commerce giant was placed on a delisting watchlist by U.S authorities.
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