Why Alibaba, KE Holdings, and RLX Technology Fell Today
Shares of Chinese e-commerce giant Alibaba (NYSE: BABA), real estate digital transaction platform KE Holdings (NYSE: BEKE), and electronic vaping company RLX Technology (NYSE: RLX) were falling today, down 4.6%, 8.8%, and 8.9%, respectively, as of 12:55 p.m. ET.
These companies didn't report any material news, although earlier this week Alibaba announced the kickoff of China's 11.11 shopping holiday that runs until Nov. 11.
More likely, the declines today were related to ramped-up COVID-19 lockdowns over the past couple days, which are now affecting wide swaths of China. Alibaba's move may have also been related to U.S. peer Amazon.com, following its earnings report that gave tepid guidance for the upcoming quarter, dimming the outlook even further for global e-commerce and cloud computing.
Source Fool.com
