Alibaba stock sinks toward 6-year low as China ADRs take another dive
The U.S.-listed shares of Alibaba Group Holding Ltd.
sank 4.6% toward a six-year low in premarket trading Monday, as the China-based e-commerce giant continues to suffer from a broad selloff in China’s stock market, as lockdowns resulting from coronavirus outbreaks spark worries over economic growth and amid the threat of de-listing of shares of China-based companies in the U.S. Regulatory crackdowns in China also weighed on China’s markets. Alibaba’s stock, which has tumbled 28.9% over the past month through Friday, is on track to open at the lowest level seen since July 2016. The iShares MSCI China ETF
dropped 3.9% toward a five-year low, after tumbling 20.5% over the past month. Meanwhile, S&P 500
jumped 0.9% ahead of the open. Among more-active American depositary receipts (ADRs) of other China-based companies, Nio Inc.
shed 1.7% toward a 19-month low, Bilibili Inc.
dove 9.4%, Pinduoduo Inc.
dropped 8.3%, JD.com Inc.
sank 5.0% and XPeng Inc.
gave up 6.9%.