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Chinese Stocks in U.S. Spiral After Brutal Selloff in Asia

  • Pinduoduo dropped 21%, Alibaba and Baidu also slumped
  • Selloff comes after Russia asked China for military assistance
Alibaba Headquarters Ahead of Earnings Results
Photographer: Qilai Shen/Bloomberg
Updated on

U.S.-listed Chinese stocks resumed a steep selloff on 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 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.