Why Alibaba, Tech Peers Are Deep In The Red In Hong Kong Trading Today

Shares of U.S.-listed Chinese tech firms Alibaba Group Holding Ltd BABA, Tencent Holdings TCEHY, and Baidu Inc BIDU slid on Tuesday morning in Hong Kong as the market opened after a four-day holiday.

These Chinese companies also fell in U.S. markets on Monday, although JD.Com JD gained about 2% in an otherwise volatile market.

What Happened: The benchmark Hang Sang index was down almost 2.69%, a nearly three-week low, amid weak global cues.

The People's Bank of China issued guidelines on Monday on its approach to supporting the economy hit by draconian COVID-19 lockdowns in Shanghai and elsewhere but avoided any mention of the reserve requirement ratio.

Company In News: Meanwhile, Tencent is looking to shut down a service that allows Chinese gamers access to unapproved foreign games, reflecting the growing regulatory crackdown. Gamers in China can only play government-approved titles. They cannot play with gamers on foreign servers.