Shares of Alibaba Group Holding Ltd. BABA, -1.56% dropped 3% in afternoon trade Wednesday, to extend losses toward an 11-month low, amid continued weakness in Chinese markets on concerns over slowing economic growth, worries about the negative effect of Turkey's currency crisis on emerging markets and disappointing results from fellow China-based internet giant Tencent Holdings Ltd. TCEHY, -6.67% 0700, -3.61% The U.S.-listed shares of Tencent tumbled 6.8% to an 11-month high. The iShares China Large-Cap ETF FXI, -3.50% shed 3.8% to a 13-month low, as 49 of the 50 components lost ground. Among the U.S.-listed shares of other China-based companies, JD.com Inc.'s JD, -4.46% slumped 5.1%, iQiyi Inc.'s IQ, -2.83% gave up 2.6%, Huya Inc.'s HUYA, -6.41% lost 3.9%, Vipshop Holdings Ltd.'s VIPS, -6.09% fell 5.8% and Bilibili Inc.'s BILI, -3.71% declined 6.2%. The China ETF has now lost 25% since closing at a 10-year high on Jan. 26, while the S&P 500 SPX, -0.76% has slipped 2.1% over the same time.
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