Investors have made one thing clear: They don’t like Xi Jinping’s moves to consolidate power.
Over the weekend, Xi took his third term as China’s communist party leader while sidelining rivals, extending his rule without an heir apparent. When the U.S. stock market opened Monday, shares of some of the biggest Chinese companies plummeted.
Read: Hong Kong stocks suffer worst single-day rout since 2008 as Xi consolidates power
There are 73 Chinese stocks listed on the New York Stock Exchange and 192 in the Nasdaq Composite Index. Of those, 22 had market capitalizations of at least $5 billion as of Dec. 31, the cutoff for this article on share performance.
Among that group of companies are electric-car makers (Li Auto Inc.
LI,
Nio Inc.
NIO
and Xpeng Inc.
XPEV
) and internet services giants, such as Alibaba Group Holding Ltd.
BABA,
Baidu Inc.
BIDU
and Trip.com Group Ltd.
TCOM.
Pinduoduo Inc.
PDD
led the rout, with a decline of 26% in midday trading.
Longer-term uncertainties for investors holding shares of Chinese companies have not only included Xi’s crackdowns on various industries. China’s government has agreed to give U.S. regulators access to auditors’ reports about Chinese companies listed on U.S. exchanges, but it remains to be seen if Xi will allow the agreement to be put into practice.
Rout for Chinese stocks
Here’s how the group of 22 Chinese stocks listed in the U.S. was performing as of noon, from worst to best:
| Company | Ticker | Oct. 24 price change | 2022 price change | Decline from 52-week intraday high | Date of 52-week intraday high |
| Pinduoduo Inc. ADR Class A | PDD | -25.5% | -24.7% | -57.9% | 10/22/2021 |
| Zai Lab Ltd. ADR | ZLAB | -23.2% | -65.0% | -79.2% | 10/27/2021 |
| Kanzhun Ltd. ADR | BZ | -22.5% | -68.4% | -74.5% | 12/10/2021 |
| GDS Holdings Ltd. ADR Class A | GDS | -20.6% | -75.8% | -82.4% | 10/22/2021 |
| Li Auto Inc. ADR Class A | LI | -20.4% | -55.9% | -65.9% | 06/24/2022 |
| ZTO Express Inc. ADR Class A | ZTO | -20.3% | -39.5% | -50.9% | 11/18/2021 |
| Bilibili Inc. ADR Class Z | BILI | -19.7% | -80.9% | -90.1% | 11/16/2021 |
| Nio Inc. ADR Class A | NIO | -17.9% | -70.9% | -79.2% | 11/08/2021 |
| H World Group Ltd. ADR | HTHT | -16.2% | -32.2% | -48.8% | 11/11/2021 |
| Alibaba Group Holding Ltd. ADR | BABA | -15.6% | -48.7% | -66.5% | 10/22/2021 |
| JD.com Inc. ADR Class A | JD | -15.1% | -48.9% | -61.4% | 11/23/2021 |
| Trip.com Group Ltd. ADR | TCOM | -14.4% | -16.8% | -35.2% | 11/08/2021 |
| KE Holdings Inc. ADR Class A | BEKE | -13.8% | -50.1% | -61.3% | 10/22/2021 |
| Baidu Inc. ADR Class A | BIDU | -13.5% | -47.0% | -56.8% | 10/22/2021 |
| XPeng Inc. ADR Class A | XPEV | -13.2% | -86.0% | -87.5% | 12/01/2021 |
| Full Truck Alliance Co. Ltd. ADR | YMM | -12.6% | -42.2% | -72.3% | 10/25/2021 |
| Yum China Holdings Inc. | YUMC | -12.2% | -20.4% | -35.0% | 10/22/2021 |
| Hutchmed Ltd. ADR | HCM | -12.1% | -77.6% | -78.4% | 11/29/2021 |
| NetEase Inc. ADR | NTES | -11.7% | -45.8% | -53.3% | 11/22/2021 |
| Tencent Music Entertainment Group ADR Class A | TME | -8.3% | -48.7% | -61.4% | 10/22/2021 |
| Vipshop Holdings Ltd. ADR | VIPS | -7.7% | -17.5% | -46.8% | 11/16/2021 |
| Lufax Holding Ltd. ADR Class A | LU | -4.8% | -71.8% | -79.1% | 11/11/2021 |
| Source: FactSet | |||||
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