--- title: "Alibaba, Tencent, and Baidu's stock prices plummet, with the Hang Seng Internet Index falling near the \"tariff bottom\" of April 2025" type: "News" locale: "en" url: "https://longbridge.com/en/news/287854558.md" description: "On May 28th, Hong Kong stocks experienced a significant decline, with the Hang Seng Internet ETF dropping over 3%, approaching the \"tariff bottom\" of April 2025. Major weighted stocks such as Alibaba, Tencent, and NetEase all fell over 2%, Baidu dropped over 3%, and MEITUAN fell over 6%. Since October of last year, the Hang Seng Internet Technology Industry Index has retraced over 37%. The main reasons include AI investment leaning towards hardware, rising overseas U.S. Treasury yields, and reduced liquidity for Hong Kong stock IPOs. Investors need to be cautious and avoid blindly selling off" datetime: "2026-05-28T03:37:09.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287854558.md) - [en](https://longbridge.com/en/news/287854558.md) - [zh-HK](https://longbridge.com/zh-HK/news/287854558.md) --- # Alibaba, Tencent, and Baidu's stock prices plummet, with the Hang Seng Internet Index falling near the "tariff bottom" of April 2025 On May 28th, Hong Kong stocks experienced a "Black Thursday." As of 11:20, the Hang Seng Internet ETF China (513330.SH) saw its secondary market price drop over 3%, recently reported at HKD 0.389, nearing the "tariff bottom" of April 2025. Among the weighted stocks, Alibaba-W, Tencent Holdings, NetEase-W, JD Group-SW, and Xiaomi Group-W all fell over 2%, Baidu Group-SW dropped over 3%, and MEITUAN-W fell over 6%. Since the beginning of this round of adjustments in early October last year, the Hang Seng Internet Technology Industry Index has seen a maximum drawdown of over 37%. The main reasons for the weak performance include the AI investment boom favoring "hardware devices" over "software applications," as well as rising overseas U.S. Treasury yields and liquidity withdrawal from Hong Kong stock IPOs. 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