Chinese Stocks Extend Rout in U.S. on Tencent Sale Concerns
- Tencent, Bilibili and JD.com tumbled in Wednesday trading
- U.S.-listed China stocks are coming off worst year since 2008
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Chinese companies listed in the U.S. extended their decline on Wednesday after Tencent Holdings Ltd. cut its stake in an online gaming and e-commerce company, triggering concerns of similar action at other firms amid Beijing’s regulatory crackdown on the sector.
Shares of Tencent slipped 4.5%, while Bilibili Inc. dropped 6.1% and JD.com Inc. slumped 1.8%. Pinduoduo Inc. and Baidu Inc. also fell at least 1.8% each as technology stocks globally felt the pressure of renewed concerns about the pandemic’s impact on global growth and the prospects of the Federal Reserve raising rates this year.