(Bloomberg) Shares of e-commerce giant Alibaba Group fell more than 10% on Monday as investors digested reports that Russia had sought Chinese military help.
Following the Monday decline, Alibaba’s loss extended to more than 27% in the year, hitting the lowest in more than 5 years.
Other Chinese stocks traded lower, with Pinduoduo trading 8% down in premarket on Monday after declining at least 10% the previous close. Baidu fell 17%, while JD.com was down by more than 14%.
The fall in Chinese stocks comes amid worries that Beijing firms could face a backlash globally if it agrees with Russia’s request for military assistance as it battles Ukraine.
Following the losses, the Nasdaq Golden Dragon China Index, which gauges American depository receipts of China companies, traded down 10% on Friday to the lowest since September 2015.
9618 is down -14.77%, 9988 is down -10.90%, PDD is down -8.43% on premarket, 9888 is down -17.79%
