E-Commerce Giants Alibaba, JD.com Tumble On News Of Strategic Moves
Two China-based stocks — $Alibaba(BABA.US$ and $JD.com(JD.US$ — tumbled Monday as reports said the two planned strategic moves that investors apparently rejected. Despite the fall, BABA stock stayed above its 50-day moving average while JD stock flirted with it.
JD.com and Alibaba are the two largest e-commerce companies in China.
BABA stock dropped on speculation about whether China's equivalent of Amazon.com ( $Amazon(AMZN.US$ ) is moving its headquarters out of the country to Singapore.
Alibaba, based in the Chinese city of Hangzhou, denied the reports. The company acknowledged that it's building a new campus in Singapore, but said the facility would be used to house regional operations.
JD.com and Alibaba are the two largest e-commerce companies in China.
BABA stock dropped on speculation about whether China's equivalent of Amazon.com ( $Amazon(AMZN.US$ ) is moving its headquarters out of the country to Singapore.
Alibaba, based in the Chinese city of Hangzhou, denied the reports. The company acknowledged that it's building a new campus in Singapore, but said the facility would be used to house regional operations.
BABA Stock Drops 6.1%
Meanwhile, reports said JD.com is closing its consumer e-commerce services in Indonesia and Thailand amid intense competition in Southeast Asia.
In a statement, JD.com said it will continue to serve global markets, including Southeast Asia, through its supply-chain infrastructure.
BABA stock dropped 6.1%, closing at 111.20 on the stock market today. JD stock also plunged 6.1% to 59.83 on the stock market today.
In other China news, search-engine leader Baidu ( $Baidu(BIDU.US$ ) dipped 0.4% to 138.48 on news it will soon launch an AI chatbot like OpenAI's ChatGPT.
Meanwhile, reports said JD.com is closing its consumer e-commerce services in Indonesia and Thailand amid intense competition in Southeast Asia.
In a statement, JD.com said it will continue to serve global markets, including Southeast Asia, through its supply-chain infrastructure.
BABA stock dropped 6.1%, closing at 111.20 on the stock market today. JD stock also plunged 6.1% to 59.83 on the stock market today.
In other China news, search-engine leader Baidu ( $Baidu(BIDU.US$ ) dipped 0.4% to 138.48 on news it will soon launch an AI chatbot like OpenAI's ChatGPT.
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151476366 : Do you know how to cut a leek?
bananarama : lol. this is one of the most ridiculous reason that people is using to explain why Baba shares fell. fell then fell lah. why must always put a reason?
Thomas oh : Haha totally agree. Moving hq to sg then fall…. Weird but since it try hitting the resistance wall for few days n failed to clear it’s due for pullback Re consolidation before breaking out again
股勇者 : LOL shortist running out of reasons? so lame
moom livesOP 151476366:
moom livesOP Thomas oh: Happy trading
moom livesOP 股勇者: ...
moom livesOP bananarama: Perhaps this is not the only reason
MJ23 The Bull : actually this can be seen a few ways but those positive will see as expanding in South East Asia. Viewed negatively can see as Baba not certain of China's support or policy environment and is de risking or decoupling some of its non china operations. I see it as a combination of both, but the lessons learnt by Baba last 3 years pushed them to expand with determination overseas.