U.S.-Listed Chinese Stocks Tumble at Fastest Pace Since 2008
- S&P/BNY Mellon China ADR Index has plummeted 15% in May
- Chinese stock losses are weighing on MSCI’s global benchmarks
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The worsening trade war is driving the steepest sell-off in Chinese shares traded in the U.S since the global financial crisis.
The S&P/BNY Mellon China ADR Index has plunged 15% in May, putting it on track for its worst monthly performance since October 2008. Social media firm Weibo Corp., online media company Sina Corp. and Internet search firm Baidu Inc. have all declined more than 30%. Losses aren’t confined to the U.S. -- in Hong Kong, the Hang Seng China Enterprises Index of Chinese firms is down almost 10%, the worst performance among major global benchmarks.