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BILI - Why Chinese Tech Stocks Were Tumbling Today
Bilibili Inc.
Chinese stocks were pulling back en masse today after President Xi Jinping was awarded a third term as China's president following a gathering of Communist Party leaders.
Hong Kong's Hang Seng index plunged 6.4% on the news, and the Shanghai Composite lost 2%. Among the Chinese tech stocks to fall today were Vipshop Holdings (NYSE: VIPS) , NetEase (NASDAQ: NTES) , and Bilibili (NASDAQ: BILI) .
Vipshop closed Monday down 6.2%; NetEase lost 9.9%, and Bilibili fell 16.8%.