Here's Why These Chinese Stocks Fell Hard Today
Chinese stocks were tumbling this morning after China's President Xi Jinping broke precedent over the weekend and secured a third term as the country's leader.
Xi's past government policies have been generally unfriendly toward technology companies, and investors are worried that policies enacted by the newly emboldened Xi could hamper tech stocks even further.
As a result, the share prices of Tencent Music Entertainment (NYSE: TME) dropped 8.3%, the commercial freight platform company Full Truck Alliance (NYSE: YMM) plunged 9.5%, and online education company New Oriental Education and Technology (NYSE: EDU) plummeted 20.5% as of 11:17 a.m. ET.
Source Fool.com
