- Shares of Chinese tech giants Alibaba and Tencent closed down more than 11%; search company Baidu was 12% lower while food delivery firm Meituan tanked more than 14%.
- The moves come after Chinese President Xi Jinping paved the way for an unprecedented third term as leader and packed the Politburo standing committee with loyalists.
- Investors fear continuing strict policy that could hamper growth of tech giants and very few people who can challenge Xi’s policies, even those that are negative for growth.