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Beijing crackdown sparks record slide for Chinese stocks in US
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Dip-Buying Retail Army Plows Into Chinese Stocks Just As Plunge-Protectors Arrive
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China s techlash gains steam Again
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Tumble: U.S. Chinese concept stocks have their biggest two-day decline since 2008 | Wall Street Journal Business and Economic News
In just five months, Beijing’s suppression of the technology and education industries has wiped out US$769 billion in the market value of Chinese stocks listed in the United States.
Beijing’s comprehensive suppression of its technology and education industries has caused an impact on the global market. In just five months, the market value of Chinese stocks listed in the United States has evaporated by 769 billion US dollars.
The Nasdaq Golden Dragon China Index (tracking 98 of China’s largest companies listed in the US) plunged 7% on Monday after Chinese regulators announced comprehensive reforms to the education industry, prohibiting companies that teach school subjects from making profits, raising funds, or going public This added to Friday’s 8.5% drop, bringing the index’s two-day drop to 15%, the biggest drop since 2008.
The crash in tutoring stocks that began on Friday spread this week across the tech sector and beyond, after authorities confirmed reports they would ban a swathe of the education industry from making profits. It’s the government’s most extreme step yet to rein in private businesses that regulators blame for exacerbating inequality, increasing financial risk and in the case of some tech titans –- challenging Beijing’s authority.With losses in Chinese tech and education stocks now exceeding $1 trillion since February, the questions reverberating across trading desks from Shanghai to New York are where regulators might strike next and whether markets are properly discounting regulatory risk. Property-management and food-delivery companies were among the biggest losers on Monday after Beijing signaled tighter rules for both sectors.