Why Baidu, Alibaba, and Other Chinese Stocks Sank on Wednesday

Stocks of some of China's most widely held companies were sinking in unison on Wednesday, with several catalysts sending them lower. One company delivered a disappointing financial report, concerns about China's economy continued, and the country's policymakers announced moves that shook up its stock market.

With that as a backdrop, several of China's biggest technology stocks lagged the broader market. Shares of Baidu (NASDAQ: BIDU) slumped 7.2%, Tencent Holdings (OTC: TCEHY) declined 3.9%, and Alibaba (NYSE: BABA) fell 3.4%, as of 1:22 p.m. ET today.

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Source Fool.com