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China's ChiNext Index fell over 4%, Baidu's earnings report missed expectations, causing a sharp drop of over 13%
Affected by the overnight global bond market storm, Asia-Pacific stocks continued their decline today. As of press time, China's A-share ChiNext Index fell over 4%, the Shanghai Composite Index fell nearly 2%, and the Shenzhen Component Index fell over 2%. The Hong Kong stocks Hang Seng Tech Index fell over 1%, with Baidu Group's share price plummeting over 13% due to second-quarter revenue of 31.3 billion yuan (lower than market expectations of 31.6 billion yuan) and adjusted earnings per ADS of 7.22 yuan (significantly lower than market expectations of 9.75 yuan), both missing expectations.
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