Alibaba, U.S.-Listed Chinese Companies Drop Most Since March
(Bloomberg) -- U.S.-listed Chinese companies declined 3.4 percent Monday for their biggest collective loss since March. The fall comes after reports that the White House plans to curb Chinese investments in U.S. companies involved in certain technologies amid trade tensions between the two countries.
The S&P 500, Nasdaq and Dow Jones Industrial Average each closed down at least 1.3 percent Monday as indexes across the world declined.
Major Chinese technology stocks fell, led by Chinese streaming company iQIYI Inc. The company slid 9.4 percent to mark a third straight day of losses.
Alibaba Group Holding Ltd. also closed down for a third day, falling 5.3 percent, the most since March. Baidu Inc. and JD.com Inc. dropped 3.3 percent and 4.0 percent respectively.
Monday’s top decliner, CLPS Inc., fell 12 percent. The company bought an ownership stake in Lihong Financial for RMB1 million. The day’s top gainer, Yulong Eco-Materials Ltd., soared 38 percent for the biggest rise since October 2017.
|Biggest Gainers||Percent Change||Biggest Decliners||Percent Change|
|YECO US||38%||CLPS US||-12%|
|ATV US||31%||FORK US||-11%|
|CADC US||18%||BZUN US||-10%|
|FAMI US||14%||WUBA US||-9.9%|
|HX US||13%||EVK US||-10%|
Results are based on an EQS search comprising about 150 Chinese companies trading on the New York Stock Exchange and Nasdaq.
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