US-Listed Chinese Stocks Decline After Biden-Xi Summit

Following a significant meeting between President Joe Biden and Chinese President Xi Jinping, Chinese stocks listed on U.S. exchanges observed a downturn on Thursday. Among the affected stocks were major tech players such as Alibaba Group Holding Limited BABA, Baidu, Inc. BIDU, and 21Vianet Group, Inc. VNET, which experienced dips in their share prices in the wake of the leaders' discussions.

Detailed Company Profiles

BABA, also known as Alibaba Group and Alibaba.com, is a leading Chinese multinational technology enterprise. Founded on June 28, 1999, in Hangzhou, Zhejiang, Alibaba specializes in various sectors including e-commerce, retail, internet services, and technology. It provides a range of services such as C2C, B2C, and B2B sales through its extensive web portals. Additionally, Alibaba offers electronic payment services, search engines for shopping, and cloud computing services. It also has a vast array of companies under its umbrella, operating globally across different industries.

BIDU provides Internet search services and is a significant player in the Chinese online landscape, with its headquarters located in Beijing, China.

VNET, an investment holding company, offers hosting and related services to an array of clients which include Internet companies, government entities, blue-chip corporations, and small and medium-scale enterprises. The company is based in Beijing, People's Republic of China.

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