Shares of the erstwhile Chinese internet high-flyers are sliding again today.Sina is off 4.8%. Youku is modestly lower (though it was down nearly 3% earlier). RenRen is off as well. The trend over the last few weeks has been horrible, with all the big names down some 20% or more from recent highs.
As we pointed out yesterday, when the market gained, but they fell, bubbles are getting smashed all over the place.
Here’s a question for anyone interested in holding or catching the falling knife: If even Yahoo doesn’t know what it owns when it owns Chinese equity, what do you know?
(In case you need a refresh, Yahoo shares are cratering on news that AliBaba — which it partially owns — seems to have unloaded its valuable Alipay.)
Basically every bullish note we’ve seen on Yahoo concerns its Chinese assets, and so if even they let assets slip through their fingers, can you really feel confident when you buy Chinese equity?
Meanwhile, going back to the bubble-bursting theme, we note that Facebook share sales are no longer “oversubscribed” when just a few weeks ago, we were in the midst of private sector stock mania. The bubble bursting extends to both public and private markets.
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