Stocks of some of China's most popular companies slumped on Monday after fears arose regarding the potential for another COVID-19 surge. Additionally, a new wave of government regulatory crackdowns against the tech sector added to investor skepticism.
Shares of JD.com (NASDAQ: JD) slipped as much as 5.6%, New Oriental Education & Technology Group (NYSE: EDU) fell as much as 10%, and Huya (NYSE: HUYA) slumped as much as 10.7%. As of 11:52 a.m. ET, the trio were still trading lower, down 5.6%, 8.6%, and 8.9%, respectively.
Several developments weighed on the major Chinese market indexes on Monday, as the Hang Seng Index declined 2.8% and the Shanghai Composite Index was down 1.3%.
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Why JD, Huya, and New Oriental Education Stocks Tumbled on Monday