Chinese stocks aren’t doing so hot on Friday as a bevy of news brings shares of companies from the country lower.
The first bit of news pulling Chinese stocks down today has to do with Alibaba (NYSE:BABA). Recent reports claim that Jack Ma, founder and CEO of the company, is going to give up control of Ant Group. This is reportedly due to pressure from Chinese regulators.
Increasing regulations from the Chinese government have been a concern among the country’s stocks for some time now. This has the latest report reigniting fears that China’s government will place stricter regulations on businesses that operate in the country.
Adding to that are ongoing restrictions related to China’s Covid-19 lockdowns. The country is continuing to focus on its zero-Covid strategy. However, it doesn’t intend to offer a large stimulus to the economy despite ongoing lockdowns.
Finally, ongoing tensions between the U.S. and China are also playing a part in today’s fall of Chinese stocks. The U.S. has been strict on audits of Chinese companies and has no intention to back down.
All of this news has Chinese stocks slipping on Friday. Let’s see the damage done below!
Chinese Stocks Falling on Friday
- BABA stock starts us off with shares down 9.5% this afternoon.
- JD.com (NASDAQ:JD) shares join the list with the stock slipping 4.4%.
- iQiyi (NASDAQ:IQ) stock is also getting hit with a 7.9% decrease as of this writing.
- Pinduoduo (NASDAQ:PDD) shares are falling 4.5% this afternoon.
- Tencent (OTCMKTS:TCEHY) stock is sliding 5% lower as of Friday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.