Why JD.Com Shares Are Diving

JD.Com Inc JD shares are trading lower by 3.59% to $34.46 Wednesday morning. Shares of large-cap Chinese stocks are trading lower following a drop in China industrial profit in May.

Per a report by Reuters, China's industrial firms witnessed a continued decline in annual profits, with a 18.8% slump in the first five months. This adds to the previous contraction of 20.6% during January to April.

May's data meanwhile showed a 12.6% decline in industrial earnings compared to the previous year.

See Also: What's Going On With Snowflake Stock?

According to Reuters, foreign firms saw a 13.6% decline in earnings from January to May, while private-sector companies experienced a 21.3% slide. The petroleum, coal and fuel processing industry reported the largest slump at 92.8%.

According to data from Benzinga Pro, JD.Com has a 52-week high of $68.29 and a 52-week low of $33.17.