Why Chinese Tech Stocks Were Tumbling Today
Chinese stocks were pulling back en masse today after President Xi Jinping was awarded a third term as China's president following a gathering of Communist Party leaders.
Hong Kong's Hang Seng index plunged 6.4% on the news, and the Shanghai Composite lost 2%. Among the Chinese tech stocks to fall today were Vipshop Holdings (NYSE: VIPS), NetEase (NASDAQ: NTES), and Bilibili (NASDAQ: BILI).
Vipshop closed Monday down 6.2%; NetEase lost 9.9%, and Bilibili fell 16.8%.
Source Fool.com