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Alibaba, Baidu shares slide after brief mention in Pentagon blacklist
Alibaba Group and Baidu shares experienced sharp declines in Hong Kong after a brief, subsequently withdrawn, mention on a U.S. Pentagon list of companies with ties to the Chinese military. The incident, occurring amidst strained U.S.-China relations, also impacted other Hong Kong-listed tech stocks like BYD and Tencent. Concerns over potential U.S. sanctions and significant spending on AI further pressured these companies.