Pity the poor saps who piled into shares of Alibaba Group Holding Ltd. when it was a $750 billion behemoth and the sky still appeared to be the limit. That includes a lot of retirement savers in Hong Kong, who became involuntary investors last year when the company was added to the city’s benchmark Hang Seng Index.
By any yardstick, the timing of that inclusion was extraordinarily bad. Alibaba shares reached their lowest this week since they started trading in Hong Kong in November 2019. The stock has fallen by half since joining the index Sept. 7, 2020, and has been by far the biggest drag on the gauge. Alibaba contributed three times as much to its decline in the past year as the next-biggest laggard, Tencent Holdings Ltd., according to data compiled by Bloomberg.
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November 26, 2021 at 05:00AM
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Alibaba's Entry Into the Hang Seng Index Costs Hong Kong Pension-Savers Dearly - Bloomberg
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