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Han Tee
2023-02-24

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Alibaba, NetEase Fall With Hong Kong Stocks in Correction Amid Mixed Earnings Signals While Techtronic Rebounds

Alibaba Group, the owner of this newspaper, beat market estimates in third-quarter report, while job

Alibaba, NetEase Fall With Hong Kong Stocks in Correction Amid Mixed Earnings Signals While Techtronic Rebounds

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Veldin
·2023-02-24
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Techtronic recovered from a 19 per cent plunge triggered by a short-seller attack.The Hang Seng Index slipped 1.5 per cent to 20,050.99 at 10.31am local time, the lowest level since January 3, and bringing the decline for the week to 2.9 per cent. The Tech Index retreated 2.3 per cent, while the Shanghai Composite Index weakened 0.6 per cent.Alibaba Group dropped 3.4 per cent to HK$91.95 after revenue grew 2.1 per cent to 247.76 billion yuan (US$35.9 billion) in the December quarter, while job cuts in 2022 helped trim costs. NetEase slumped 6.5 per cent to HK$130, after its net profit trailed market consensus. Baidu tumbled 3.2 per cent to HK$135.30 and Tencent dropped 1.4 per cent to HK$351.“The old regime of unlimited expansion and unlimited upside is over” for Chinese internet stocks, Wang Qi, CEO of MegaTrust Investment said in a research note on Thursday. 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