Chinese Internet Stocks in US Fall as Hang Seng Tech Index Drops Below 4,000
US-listed Chinese tech shares slid on Wednesday as the Hang Seng Tech Index sank to its weakest level since October 2024, while Wall Street indexes edged higher, according to Stocktwits.
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what happened
Shares of US-listed Chinese internet companies, including Alibaba, JD.com and PDD Holdings, declined on Wednesday, according to Stocktwits. The S&P 500 and Nasdaq rose over the same session. The Hang Seng Tech Index fell 1.26% to 3,994.77, slipping below the 4,000 mark and reaching its weakest level since October 2024, a day after touching a two-year low. The broader Hang Seng closed 0.9% lower at 23,651.87. The KraneShares China Internet ETF (KWEB) lost about 2.5%.
Alibaba reported a 75% drop in profit for the June quarter. Alibaba, ByteDance and Tencent have reportedly placed orders for more than 3 million Nvidia RTX PRO 5500 boards, with a combined list price above $35 billion, though Nvidia may be able to deliver only a fraction of them.
why it matters
Rates are weighing on sentiment: the 10-year US Treasury yield hovered near 5.1%, the Federal Reserve raised rates in September, and China left its benchmark lending rates unchanged on Tuesday. For the sector, Alibaba's AI spending and how much hardware it can actually secure remain the central questions for investors.
market impact
Chinese internet stocks in US: pressure from weak Hang Seng Tech and Alibaba's profit decline
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instruments
sources
- Chinese Stocks BABA, JD, PDD Slide After Hong Kong Tech Index Falls Below 4,000, Even as US Market Edges Higher — Stocktwits, 21 October 2026 at 18:07 UTC
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