Why Shares of Alibaba, JD.com, and PDD Fell in April
Shares of several Chinese stocks fell in April in what was a bumpy ride for the sector that saw both tailwinds and headwinds from broader economic data as well as rising geopolitical tensions between the U.S. and China.
Shares of the large Chinese tech conglomerate Alibaba Group (NYSE: BABA) fell more than 17% in April, according to data from S&P Global Market Intelligence. Meanwhile, shares of another large Chinese tech company, JD.com (NASDAQ: JD), fell 18.6%, while shares of the agricultural e-commerce company PDD (NASDAQ: PDD) ended April down more than 10%.
Chinese stocks rode into April on a high. There were signs that the Chinese economy was recovering and at the very end of March, Alibaba surprised investors with the announcement that it would split the company into six different divisions, all of which would explore the idea of spinning out and going public. Many believed the move could unlock shareholder value because splitting the company would enable it to be valued on a much higher sum-of-the-parts valuation.
Source Fool.com
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