China-linked ETFs fall as Alibaba shares skid nearly 14%

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Shares of Alibaba Group Holding Ltd. were on track for their steepest daily decline on record Thursday, denting exchange-traded funds with big holdings of the Chinese e-commerce company. The KraneShares CSI China Internet ETF , which has an 8.3% holding of Alibaba shares, was down 3.7% in the final hour of trading in New York, while the SPDR S&P China ETF and the Franklin FTSE China ETF both lost 3.1%. The iShares MSCI China ETF , which has the biggest holding among American-domiciled ETF at 16.6%, according to FactSet data, was only down 2.6%. Alibaba shares took a hit when Chinese regulators launched an antitrust investigation into the company, and are on track to close at their lowest level since July, according to Dow Jones Market Data.
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