Why Shares of JD.com, Bilibili, and Kanzhun Are Falling Today
Shares of several Chinese stocks fell today as China reinstated some COVID-19 protocols that have dragged its economy down for the past few months.
Shares of the large e-commerce company JD.com (NASDAQ: JD) traded more than 7% lower as of 11:23 a.m. ET today. Shares of the video gaming company Bilibili (NASDAQ: BILI) traded more than 12.5% lower, and shares of the online recruitment platform Kanzhun (NASDAQ: BZ) traded nearly 13% lower.
After a good week for Chinese stocks, they slipped today after parts of Shanghai and Beijing saw new COVID-19 protocols go into place after months of even more intense lockdowns and policies. Shanghai recently announced a fresh lockdown in the city's Minhang district, which has more than 2 million people in it. Coronavirus cases have recently ticked up in Shanghai, and the Chinese government is increasing testing for residents. Beijing has closed entertainment businesses for the time being.
Source Fool.com
