Hong Kong stocks rebounded as traders considered the recent market slump to be excessive, with Chinese tech leaders such as Alibaba, AIA, and NetEase leading the way.
Chinese shares dropped as banks in the country cut interest rates less than expected, with the benchmark one-year loan prime rate being lowered by 0.1 percentage point to 3.45%.
Alibaba's stock is dropping due to China's struggling economy, but there are signs of resilience and hope for the future.
Shares of Cboe Global Markets Inc. fell by 0.12% as the stock market experienced an overall poor trading session, marking the stock's third consecutive day of losses.
Alibaba Group Holding is largely owned by retail investors, with 41% ownership, while institutional ownership stands at 40%, indicating that key decisions are influenced by shareholders from the larger public; SoftBank Group Corp. is the largest shareholder with 14% of shares outstanding.
Hong Kong stocks, including SMIC, Tencent, and JD.com, dropped as weak China trade data and a depreciating yuan put pressure on the market.
C3.ai Inc. shares dropped 8% in after-hours trading following the release of quarterly results, despite the company's positive performance and CEO's statement on strong traction with enterprise AI applications.
Apple shares fell over 2.6% as China plans to extend a ban on iPhone use to state-owned corporations, while Dutch Bros dropped 6% after announcing a public offering of $300 million in shares, and Dave & Buster's shares fell over 3% due to weaker-than-expected earnings.
Alibaba stock falls as more economic data from China weighs on shares.
Apple's stock fell nearly 4% and triggered a tech stock selloff after reports that China has expanded restrictions on iPhone use by government employees, leading to concerns about the financial impact of escalating tensions between the US and China.
Daniel Zhang, CEO of Alibaba Group, will step down from his role in the company's cloud business as part of its restructuring, with Eddie Wu set to take over, while Zhang will establish a technology fund with a $1 billion investment from Alibaba.
Alibaba's stock is trading lower due to concerns over China's property sector, while the e-commerce industry sees a shift towards discount retailing amid economic uncertainties and inflation in the U.S. and Europe.
Shares of Alibaba, XPeng, and other U.S.-listed Chinese stocks are rising following Beijing's proposal to relax regulations on cross-border investment.