Chinese Tech Stocks Slump After Ant’s IPOs Are Suspended

While most U.S. equities are rallying on Election Day, a number of Chinese tech stocks are selling off after payments giant Ant Group’s anticipated Hong Kong and Shanghai IPOs were suspended.

E-commerce giant Alibaba  (BABA) – Get Report, which owns about a 33% stake in Ant and is due to report earnings on Thursday morning, is down 5.8%. Tencent  (TCEHY) , which among many other things owns the WeChat Pay payments service, is down 2.6%

Momo  (MOMO) – Get Report is down 3.2%, Baozun  (BZUN) – Get Report is down 4.2%, Weibo  (WB) – Get Report is down 2.6% and Sohu  (SOHU) – Get Report is down 1.2%.

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