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Why Chinese Tech Stocks Were Tumbling Today

TheMotleyFool

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Why Chinese Tech Stocks Were Tumbling Today: https://g.foolcdn.com/editorial/images/705981/china-e-commerce.jpg

Chinese stocks were pulling back en masse today after President Xi Jinping was awarded a third term as China's president following a gathering of Communist Party leaders.

Hong Kong's Hang Seng index plunged 6.4% on the news, and the Shanghai Composite lost 2%. Among the Chinese tech stocks to fall today were Vipshop Holdings (NYSE: VIPS), NetEase (NASDAQ: NTES), and Bilibili (NASDAQ: BILI).

Vipshop closed Monday down 6.2%; NetEase lost 9.9%, and Bilibili fell 16.8%.

Source Fool.com

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