Shares in Chinese internet companies fell in early Hong Kong trade, extending the sector’s heavy losses on Wall Street overnight.
video streaming platform Bilibili Inc. 9626,
led the sell-off by falling 11% after the company released worse-than-expected first-quarter earnings on Thursday night. His US-traded stock BILI,
crashed 15% in New York.
Other internet companies suffered as well. Search engine Baidu Inc. 9888,
down 5.1% and short video platform operator Kuaishou Technology 1024,
lost up to 4.4%.
While the tech sector was lower overall, with the Hang Seng TECH Index falling 1.2%, losses were concentrated in companies that rely heavily on online advertising, including Baidu and Kuaishou.
In the first quarter, Bilibili’s advertising revenue was notably weaker than its other businesses as clients cut marketing budgets amid the resurgence of the pandemic in China, the lockdown in Shanghai and subdued consumer sentiment.
Bilibili’s advertising revenue rose 46% in the first quarter, marking a significant slowdown from doubling growth momentum in 2021.
https://www.marketwatch.com/story/china-s-bilibili-other-internet-companies-drop-in-hong-kong-trade-271654829925?rss=1&siteid=rss China’s Bilibili, other internet companies fall in Hong Kong trade