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Shares in Chinese companies were plunging on 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 12% in U.S. premarket trading, with tech peer
JD.com
(JD) dropping 16%,
Tencent
(
TCEHY
) down 11%,
Pinduoduo
(PDD) falling 14%, and
Baidu
(BIDU) down 11%. Electric-vehicle maker
Nio
(NIO) shed 13%. Hong Kong’s
Hang Seng Index
closed 6.4% in the red, seeing its worst one-day rout since 2008.
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Image and article originally from www.barrons.com. Read the original article here.