Many US listed China stocks are down today. JD Sports released earnings this morning. They beat expectations, but a slow in year-on-year growth has seen the price decline. This is a similar story for JDs biggest competitor, Alibaba, who also reported slowing growth rates last month. Revenue only grew 10%, Alibaba’s weakest figures since 2014.
Much of this decline is due to the West putting more sanctions on Russia and China for supporting Putin.
A summary of the main China declines:
- BABA -9.5%
- JD -14.8%
- NIO -13.0%
- PDD -17.6%
- BIDU -7.1%
- TME -14.6%