Chinese Internet Stocks Are Getting Slammed

Chinese internet stocks are tumbling after earnings reports from Weibo (WB) and 58.com (WUBA).

In pre-market trading, Weibo shares are off about 7% and shares of 58.com are down nearly 9%.

These tumbles come ahead of the expected IPO of Chinese e-commerce retailer JD.com (JD), which is set to debut on the Nasdaq after its IPO last night priced at $US9 per share.

Weibo last night said it expects Q2 to to come in between $US74 million and $US76 million, below expectations for $US77.85 million. Weibo operates a Twitter-like social media platform in China.

58.com, which operates an online marketplace, reported first quarter profit that fell a penny short of expectations. The company, however, gave a more upbeat second quarter revenue outlook, projecting Q2 revenue of $US61 million to $US63 million, better than the $US57.8 million analysts had been looking for.

This news also comes ahead of the expected IPO of Alibaba, which filed with the SEC earlier this month.

Other Chinese internet stocks Baidu (BIDU), down 0.4%, and SINA (SINA), down about 4%, are also lower ahead of the bell.

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