April 22 (Bloomberg) -- Alibaba.com Ltd., owner of China's biggest trading Web site for companies, fell to the lowest in Hong Kong since its initial public offering on concern that earnings will be hurt by slowing demand for Chinese exports.

Alibaba shares fell 5.5 percent to HK$11.80 at the midday break in Hong Kong, headed for their lowest close since being listed in November 2007. Hong Kong's benchmark Hang Seng Index declined 0.8 percent.

Some Chinese manufacturers that use Alibaba's Web site to sell products to customers in the U.S. and Europe may not renew their subscriptions as an economic slowdown cuts demand for exports, CLSA Ltd. analyst Elinor Leung said. Bank of America Corp. yesterday posted profit that missed analysts' estimates on losses from bad loans, spurring concern that the worst of the credit crisis may not have passed.

``As long as these conditions in the U.S. continue, there will be concerns about export demand,'' Leung, who rates Alibaba's shares ``underperform,'' said by telephone today from Hong Kong. Alibaba gets 70 percent of revenue from helping Chinese manufacturers sell goods overseas, she said.

Bank of America's first-quarter earnings included $2.72 billion in costs for uncollectible loans.

To contact the reporter on this story: John Liu in Shanghai at jliu42@bloomberg.net

Last Updated: April 22, 2008 01:20 EDT