Alibaba, Other Tech Stocks Lead Sell-Off In Hong Kong As Russia Launches Attack On Ukraine

Shares of U.S.-listed Chinese tech companies traded mostly higher in Hong Kong on Wednesday, dragging the benchmark Hang Seng Index into negative territory amid news that Russia will launch an attack on Ukraine.

See Also: How To Buy Alibaba (BABA) Stock

The Macro Factors: The Hang Seng Index was down 2.7% at the time of writing, as investors monitored the intensifying crisis between Russia and Ukraine.

Russian President Vladimir Putin said in a public address early Thursday morning that he has authorized a military operation in Ukraine.

The move comes even as the United Nations Security Council was holding an emergency meeting in New York to discuss the escalating crisis.

Investors also turned cautious ahead of the release of quarterly earnings results by e-commerce giant Alibaba and game developer NetEase Inc. NTES later today.

Companies In The News: Alibaba abandoned a $1 billion fundraising plan for Lazada after talks with potential investors bogged down over the Southeast Asian online mall’s valuation, it was reported, citing Bloomberg.

Tesla Inc. TSLA is planning to increase parts production capacity at Giga Shanghai to meet growing export demand, it was reported on Wednesday, citing CnEVPost.

Shares of Chinese companies, including electric vehicle maker Nio Inc. NIO, closed lower in U.S. trading on Wednesday after the major averages fell to fresh lows for the year.

Read Next: 6 ETFs To Watch As Russia-Ukraine Crisis Heats Up