F-22Raptor
ELITE MEMBER
- Joined
- Jun 19, 2014
- Messages
- 16,980
- Reaction score
- 3
- Country
- Location
Shares in Chinese companies were plunging Monday as markets reacted to the consolidation of power by President Xi Jinping, after he was confirmed to a historic third term as leader of the world’s second-largest economy.
Alibaba (ticker: BABA) tumbled 17%, with tech peer JD.com (JD) dropping 18.9%, Tencent (TCEHY) down 15.3%, Pinduoduo (PDD) falling 31%, and Baidu (BIDU) 18.4% into the red. Electric-vehicle maker Nio (NIO) shed 22%. Hong Kong’s Hang Seng Index closed 6.4% lower, seeing its worst one-day rout since 2008.
Alibaba (ticker: BABA) tumbled 17%, with tech peer JD.com (JD) dropping 18.9%, Tencent (TCEHY) down 15.3%, Pinduoduo (PDD) falling 31%, and Baidu (BIDU) 18.4% into the red. Electric-vehicle maker Nio (NIO) shed 22%. Hong Kong’s Hang Seng Index closed 6.4% lower, seeing its worst one-day rout since 2008.
Alibaba, JD.com, and Other Chinese Stocks Are Sinking. It’s About Xi Jinping.
A consolidation of power by President Xi alarms investors that have already faced down years of political and regulatory risk from China.
www.barrons.com
