The Rally in China's Technology Stocks is Fading Fast
- Alibaba tops losses in Golden Dragon Index despite profit beat
- Funds are worried about geopolitical tensions, growth outlook
Mascots for Alibaba Group Holding Ltd.'s various platforms on a hording at a shopping mall in Hangzhou, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
A dizzying rally in China’s technology stocks is fading fast as growth concerns take center stage despite a string of earnings beats.
The Nasdaq Golden Dragon China Index had fallen 16% from a January high through Friday to approach a bear market, with its 63 members losing a combined $190 billion in market value during the period. Alibaba Group Holding Ltd. led the decline, even after the firm reported better-than-expected quarterly profits.