Alibaba Group Holding Ltd (NYSE: BABA) is trading lower Friday amid continued Evergrande default concerns.
Evergrande had an $83 million interest payment due Thursday for a bond that’s set to mature in March 2022. The company has not said whether or not it intends to make the payment.
As of Friday morning, Evergrande had not made any announcement or filing to the Hong Kong exchange. The company will not default unless it fails to make the payment within 30 days.
Alibaba is the world’s largest online and mobile commerce company. The company operates China’s most-visited online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer).
BABA Price Action: Alibaba has traded as high as $319.32 over a 52-week period. The stock is making new 52-week lows in trading today.
Alibaba was down 4.03% at $145.11 at time of publication.
Photo: courtesy of Alibaba.
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