New | E-commerce giant Alibaba shares down in New York after second-quarter revenue release

Shares of Chinese e-commerce giant Alibaba plunged 6.5 per cent to US$72.34 at mid-day in New York yesterday after hitting its lowest since its initial public offering, following announcement of its slowest revenue growth (year on year in the three months to June 30) in over three years that missed revenue forecasts and a US$4 billion share repurchase programme over two years.

Rival JD.com lost 6.6 per cent to US$26.17.

Several of the mainland’s Internet majors also lost ground. Sina fell 2.8 per cent to US$38.65, while Baidu slid 5.3 per cent to US$159 and Netease dropped 2.6 per cent to US$137.91.

Meanwhile, the Deutsche X-trackers Harvest CSI300 China A-Shares ETF fell 4 per cent to US$39.53 after the Shanghai Composite Index ended 1.1 per cent lower as a second consecutive day of sharp yuan devaluation deepened concerns of money outflow from China's share market.

The iShares China Large-Cap ETF tracking Hong Kong-listed Chinese shares slid 2.9 per cent to US$39.72.