Relentless Selling in China Stocks Evokes Memories of 2008 Crash
- Alibaba, JD.com’s ADRs tumble again in premarket trading
- JPMorgan calls some Chinese internet names “uninvestable”
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A selloff across Chinese stocks deepened on Tuesday, with concerns about the nation’s ties to Russia and persistent regulatory pressure sending a key index to the lowest level since 2008.
The Hang Seng China Enterprises Index, which tracks Chinese shares traded in Hong Kong, sank 6.6%, following a plunge in the previous session that was the biggest since the global financial crisis. Tech giants Alibaba Group Holding Ltd. and Tencent Holdings Ltd. led the decline. The benchmark Hang Seng Index slumped 5.7%, its biggest decline since July 2015.