Alibaba Slips Alongside Tech Peers: What's Dragging Hong Kong Markets Today?

Shares of U.S.-listed Chinese tech firms Alibaba Group Holding Ltd BABATencent Holdings TCEHYJD.Com JD, and Baidu Inc BIDU slid again in Hong Kong trading on Wednesday morning.

How Big Tech Stocks Are Faring In Hong Kong Today
Stocks Movement (+/-)
Alibaba Group Holding Ltd -0.66%
Tencent Holdings Ltd -0.22%
Baidu Inc -0.64%
JD.com Inc -1.08%

See Also: Netflix Shares Plunge After Q1 Earnings, First Subscriber Loss Since 2011

What Happened: The benchmark Hang Seng index dropped to a one-month low, while its Asian peers traded on a muted note as worries ballooned over the impact of China's stringent COVID-19 curbs.

The International Monetary Fund recently downgraded China’s growth forecast to 4.4% from 4.8%, citing pain from its coronavirus restrictions. The country has seen a recent resurgence in infections.

Company In NewsTencent Cloud, the cloud business arm of Tencent, introduced Lighthouse, a one-stop cloud server service to help small and medium enterprises and developers build websites, apps, mini-programs, and other services.

JiDU, an automobile startup founded by Baidu and Geely Automobile Holdings Ltd GELYF, on Tuesday released its first robot car concept that features a dual LiDAR autonomous driving system. 

Meanwhile, e-commerce giant JD.com has delivered more than 100 robots to Shanghai for last-mile deliveries of personal protective equipment kits and other orders.

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