Caixin
Mar 15, 2022 06:27 AM
FINANCE

Chinese Stocks in U.S. Continue Plunging After Brutal Sell-Off in Asia

American depositary receipts of e-commerce giant Alibaba Group Holding Ltd. and rival JD.com Inc. dropped at least 10% each on Monday
American depositary receipts of e-commerce giant Alibaba Group Holding Ltd. and rival JD.com Inc. dropped at least 10% each on Monday

(Bloomberg) — U.S.-traded Chinese stocks resumed a steep sell-off Monday as concerns about Beijing’s close relationship with Russia added to losses spurred by its crackdown on tech giants and the growing risk of U.S. delistings.

The Nasdaq Golden Dragon China Index declined 12% to its lowest level since July 2013, adding to last week’s rout. American depositary receipts of e-commerce giant Alibaba Group Holding Ltd. and rival JD.com Inc. dropped at least 10% each, while Pinduoduo Inc. tumbled 21%. Search-engine operator Baidu Inc. fell 8.4%. Alibaba has plunged more than 30% this year to its lowest level since June 2016.

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