US-listed Chinese stocks plunge as Xi secures 3rd term

Monday, 24. October 2022 16:33

The stocks of Chinese tech giants listed in the United States registered major declines on Monday amid a widespread negative sentiment pushed by the power consolidation of President Xi Jinping.

Xi secured his third term at the 20th National Congress of the Chinese Communist Party over the weekend, filling ruling party bodies with loyalists and making a precedent that is expected to result in tighter control over private Chinese companies.

Shares of Pinduoduo,, Baidu, and NetEase posted double-digit declines early in the US trading, while Hong Kong's Hang Seng tumbled over 6% to a record low of just over 15,000 points earlier today.

Related Links: Pinduoduo Inc.Baidu Inc.NetEase Inc.Alibaba Group Holding Ltd.
Baha Breaking News (BBN) / ND