Chinese stocks took investors for a wild ride on Friday. At one point, shares of Baidu (NASDAQ: BIDU) fell nearly 14%, Tencent Music (NYSE: TME), 20%, Vipshop Holdings (NYSE: VIPS) 22%, and IQIYI (NASDAQ: IQ) 27%!
By day’s end, however, most of these losses had been erased. Although Tencent closed down 1.3% and Vipshops 2.4%, for example, Baidu actually ended up gaining 2% by the closing bell. (IQIYI was the odd man out, closing down 13.2% — which was still only half the loss it seemed headed for earlier in the day).
So what’s up with that?