(Bloomberg Opinion) — As recently as a month ago, investors in China’s internet stocks were clutching on to the belief that these companies would sail through the coronavirus epidemic unscathed.Alibaba Group Holding Ltd., for example, was trading near historic highs despite the e-commerce giant’s chief financial officer admitting days before that its biggest business would decline as a result of the squeeze on consumer spending. By the time Baidu Inc. reported two weeks later, shares of the search-engine provider had lost 11.7%, while those of Alibaba were down 6.4% and social media powerhouse Tencent Holdings Ltd. had slipped 6.2%.Just as …read more
Source:: Yahoo Finance
