NewAlibaba's stock rises after Jack Ma says world is overreacting to China’s economic slowdown

Alibaba Group Holding was the only gainer among the Chinese stocks listed in the US on  Thursday, after company chairman Jack Ma Yun said in a letter to shareholders that the world is overreacting to China’s economic slowdown.

Alibaba was up 1.34 per cent at US$67.17 at noon.

Baidu fell 2.96 per cent to US$140.48, extending its loss to more than 8 per cent since Wednesday when rivals Alibaba and Tencent Holdings were discussing a merger of their online-to-offline subsidiaries.

Online travel agent Qunar tumbled 5.04 per cent to US$34.09 and media company Sina slid 2.91 per cent to US$43.69.

The Deutsche X-trackers Harvest CSI300 China A-Shares ETF fell 2.61 per cent and the iShares China Large-Cap ETF lost 0.54 per cent.