Alibaba, JD.com Tumble in US as Xi Asserts Full Control in China
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The KraneShares CSI China Internet Fund, an exchange traded fund that includes more than 40 Chinese stocks, slid 13%.
US-listed Chinese stocks tumbled in premarket trading, with investors spooked by President Xi Jinping's tightening grip on China's ruling party, as he embarks on a precedent-breaking third term with rivals gone and no successor in sight.The KraneShares CSI China Internet Fund, an exchange traded fund that includes more than 40 Chinese stocks, slid 13%. Major Chinese internet stocks from Alibaba Group Holding Ltd. to JD.com Inc. saw double-digit declines. In Johannesburg, Tencent Holdings Ltd.'s biggest shareholder Naspers Ltd. plunged 12%. Monday's selloff came after Xi packed the Politburo Standing Committee with six loyalists during the party's twice-a-decade ...