Why Chinese Stocks Collapsed Again Today
China stocks staged a remarkable rally on Wednesday, with shares of internet giant Alibaba (NYSE: BABA), for example, surging ahead a staggering 36.8% in one single session, online gamer Bilibili (NASDAQ: BILI) jumping a mind-boggling 47.6%, and video streamer iQIYI (NASDAQ: IQ) coming this close to a 50% gain in one single day -- up 49.8%.
Does anyone think that now might be a good time to take some profits? Wall Street certainly does. As of 11:05 a.m. ET Thursday morning, Alibaba stock is down 8.3%, iQIYI has lost 14.6%, and Bilibili is down a solid 16%.
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Source Fool.com
