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Chinese Shares Slump Further, Education Firms Bounce After Rout

Investing.com
·1-min read

By Dhirendra Tripathi

Investing.com – The American Depositary Receipts of most Chinese companies looked like extending their losses Tuesday after they were routed in the previous session on fears over tightening of rules and increasing scrutiny in their home country.

Alibaba (NYSE:BABA), Xpeng (NYSE:XPEV) and Nio (NYSE:NIO) were down 3%-4% in Tuesday’s premarket trading. Tencent Music (NYSE:TME) was down 5% while Didi Global (NYSE:DIDI) and Pinduoduo (NASDAQ:PDD) were both down around 6%.

There was some bounce in the shares of Chinese education companies though. But it came after losses of over 60% in the previous two sessions. They have been the worst hit in the latest rout that has come the way of Chinese companies.

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TAL Education Group (NYSE:TAL), GSX Techedu (NYSE:GOTU) and New Oriental Education (NYSE:EDU) were all up around 10%.

Hong Kong’s Hang Seng index closed 4.2% lower Tuesday, the decline led by tech companies.

The signals coming out of China have been ominous for some months, ever since the authorities derailed the IPO plans of Ant Group. Antitrust fines and investigations against a variety of Internet platform companies have followed, with the authorities showing increasing concern about the possible leakage to U.S. authorities as a result of their listing requirements.

On Monday, regulators confirmed plans to force online education providers to restructure as non-profit organizations, while also warning food delivery companies about their use of low-paid labor.

 

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