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

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

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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 News: Tencent 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.