Alibaba, JD.com among Chinese tech failures following Bridgewater sale

Ali Baba (Nice: Baby), JD.com (Nasdaq: JD) and Baidu (Nasdaq: Bidu) lost much of China’s tech sector retreat on Wednesday, led by Ray Dalio’s Bridgewater affiliates. Bellwether owns a handful of Chinese tech stocks.

Bridgewater filed a 13F filing in 2011. As of June 30, it said it had sold its 7.5M-share stake in Alibaba ( BABA ) and all of e-commerce leader JD.com ( JD ), Ride-Share. Giants DiDi Global (OTCPK:DIDIY), NetEase (NTES) and Bilibili (BILI).

As trading progressed on Wednesday, shares of Alibaba ( BABA ) fell 2.3%, JD.com ( JD ) retreated 2%, DiDi ( OTCPK:DIDIY ) gave up more than 3%, Weibo (Nasdaq: WB) fell nearly 5%, Baidu ( BIDU ) fell more than 3%, NetEase ( NTES ) fell 2% and Bilibili ( BILI ) fell 2.5%.

Shares of PinDuoDuo ( PDD ) fell 3 percent after the company reported that it may launch a cross-border e-commerce platform in the fall.

Tencent Holdings ( OTCPK:TCEHY ) shares are up more than 4 percent, not all Chinese tech stocks have had a tough run. Ahead of the transaction, Tencent (OTCPK:TCEHY) said reports that it was looking to sell a stake in Chinese catering company Meituan (OTCPK:MPNGF) were false. Tencent ( OTCPK:TCEHY ) currently owns a 17% stake in Meituan ( OTCPK:MPNGF ), which is valued at $24B.