China Tech Stocks Crushed As Xi Secures 3rd Term, Likely Extending Crackdown

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The Street

By Martin Baccardax An unprecedented third term as President for Xi Jinping is crushing China-based tech stocks Monday. China tech stocks suffered their biggest single-day declines in years Monday as investors fled the World’s second-largest economy following confirmation of an unprecedented third term as president for Xi Jinping. General Secretary Xi, who emerged from last week’s Communist Party congress with a firmer grip on power, and a Politburo Standing Committee stacked with loyalists, is expected to extend his government’s crackdown on big tech companies, as well as their billionaire ow…

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