‘Uninvestable’ Chinese stocks plummet on new COVID-19 lockdowns and geopolitical risk – Fortune

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Chinese stocks took a hit on Monday as a new wave of COVID-19 lockdowns, along with reports of Russia asking China for military assistance, spooked investors.

The Hang Seng China Enterprises Index closed down 7.2% to start the week, its largest one-day drop since November 2008, while the Shanghai Composite fell 2.6% and the Shenzhen Component dropped roughly 3.1%.

Tech stocks were under particular pressure in Chinese markets, as shares of Meituan cratered 16.8% on Monday while Tencent and Alibaba sank 9.8% and 10.9%, respectively.

In U.S. trading, Chinese ADRs struggled to start the week. Shares of e-commerce powerhouses Alibaba, JD.com, and the agriculture-focused Pinduoduo were all down well over 7% through mid-morning hours. Search-engine operator Baidu also fell as much as 14% in early morning trading before recovering some of its losses.

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Read Full Story: https://fortune.com/2022/03/14/chinese-stocks-plummet-covid-19-lockdowns-spook-investors/

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source: https://news.oneseocompany.com/2022/03/14/uninvestable-chinese-stocks-plummet-on-new-covid-19-lockdowns-and-geopolitical-risk-fortune_2022031415970.html

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