TCOM - Trip.com tumbles by largest margin since 2018

As fear spreads through the Chinese tech sector, Trip.com ( NASDAQ: TCOM ) shares slumped by double-digits on Monday.

Over the weekend, the conclusion of the National Congress of the Chinese Communist Party cemented the role of Xi Jinping, granting him a third term. The extension of Xi’s term was seen as unusual in the lead-up to the congress given it breaks both the customs on retirement age and term limits, traditionally observed to be 67 and two, respectively. Xi is now the first Chinese leader since Mao to serve more than two terms. Further, the naming of Xi loyalists, including Li Qiang , who oversaw the Shanghai lockdown earlier this year, aroused fear on state pressure on numerous industries.

A 17.42% drop shortly after the market open on Monday reflected the steepest one-day drop for Trip.com ( TCOM ) since November 2018. Indeed, the slide for the stock on Monday outpaces the decline marked during March’s lockdowns in China, the last period in which the company’s shares marked double-digit daily declines.

Read more on other Chinese stocks declining on Monday .

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