JD.com, Kuaishou Sink China Tech Stocks as Walmart Sells Stake
- Kuaishou shares slump most since 2022 after mixed earnings
- Walmart raised $3.6 billion by selling its stake in JD.com
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China’s tech stocks slumped on concerns over the country’s consumption outlook after Walmart Inc. sold its stake in JD.com Inc. and some key players posted poor earnings.
The Hang Seng Tech Index lost 1.8% in Hong Kong, pushed lower by an 8.7% drop in JD.com and 9.9% plunge in Kuaishou Technology on disappointing advertising revenue. XPeng Inc. slipped more than 5% before trimming its decline to 2.2%, as the electric vehicle maker’s revenue guidance fell short of estimates.