Alibaba, JD, Baidu, and NIO Sink as China Tech Stocks Follow U.S. Selloff

Chinese technology stocks fell on Friday driving the Hang Seng Index to new lows. They seemed to be following U.S. investors who have fled from the sector after a string of disappointing earnings reports. 

Alibaba


(ticker: BABA) stock was down 5% in Hong Kong, while


JD.com


(JD) fell around 7% and


Baidu


(BIDU) and


Tencent


(TCEHY) were down around 6%. The


Hang Seng Tech Index


closed down 5.6%, contributing to a fall in the


Hang Seng Index


of 3.7%, hitting its lowest levels since April 2009.