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Panic Selling Grips Chinese Stocks in Biggest Plunge Since 2008


Motley Fool

Why Baidu, NetEase, and Alibaba Stocks Keep Falling

Fears about investing in Chinese tech stocks reached a fever pitch Monday, as international megabank J.P. Morgan announced “double-downgrades” on three of the biggest names in China tech: Baidu (NASDAQ: BIDU), NetEase (NASDAQ: NTES), and Alibaba Group Holding Limited (NYSE: BABA). As of noon ET, NetEase shares are down 7.2% from Friday’s close, Baidu stock is off 7.5%, and Alibaba is leading the Chinese tech sector lower with a loss of 8.2%. For one thing, there’s the continuing risk that a whole lot of Chinese stocks — even the big ones — might have to delist from U.S. stock exchanges if China’s government can’t find a way to work with their U.S. counterparts to permit full and accurate auditing of Chinese companies’ financial reports.

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