Why Tencent, Pinduoduo, and Trip.com Got Rocked Today

Shares of Tencent Holdings (OTC: TCEHY), Pinduoduo (NASDAQ: PDD), and Trip.com (NASDAQ: TCOM) were plummeting today, down 10%, 20.5%, and 13.5%, respectively, as of the end of trading.

There was a trifecta of bad news today regarding Chinese stocks. First, the Wall Street Journal reported that Tencent is facing a potential fine, in another chapter in China's year-long regulatory crackdown on its tech sector.

Second, China is experiencing an Omicron outbreak, and therefore the government is locking down several key cities, including technology hub Shenhzen.

Continue reading

Source Fool.com