Why Shares of JD.com, Kanzhun Limited, and KE Holdings Are Falling Today
Shares of several Chinese stocks fell today after COVID-19 cases once again rose in the country, renewing lockdowns that have plagued the economy in recent months.
Shares of the large e-commerce company JD.com (NASDAQ: JD) traded nearly 5.5% lower as of 10:46 a.m. ET today. Shares of the online recruitment platform Kanzhun Limited (NASDAQ: BZ) traded nearly 9% lower and shares of the real estate platform KE Holdings (NYSE: BEKE) were down more than 9%.
The Chinese government partially locked down the city Xi'an on Wednesday after the country discovered the first new cases of the omicron subvariant, which is highly contagious and has become the dominant form of COVID-19 in the U.S. and Europe. Xi'an is home to 13 million people. Xi'an found 18 cases of the new Omicron subvariant between Saturday and Monday.
Source Fool.com
