Why These China Stocks Are Plummeting Today
The stocks of nearly 200 companies that call China home are in the red on Tuesday, many because regulators in that country cracked down on a number of U.S.-listed Chinese stocks. Among the harshest hit include Full Truck Alliance (NYSE: YMM), which is down over 20% in morning trading; Kanzhun (NASDAQ: BZ) and UP Fintech Holding (NASDAQ: TIGR), both of which are down 11%; and Bilibili (NASDAQ: BILI), off almost 7% today.
Many of the stocks bearing the brunt of the crackdown are recent U.S. IPOs, including Full Truck, Kanzhun, and DiDi Global (NYSE: DIDI), the parent company of Chinese ridesharing giant DiDi Chuxing, which is down 23% this morning after regulators booted its app off of all app stores in the country.
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Source Fool.com
