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Benzinga
Benzinga
World
Melanie Schaffer

Alibaba Plummets Following Xi Jinping Reelection, Government Reshuffling: What's Happening?

Alibaba BABA Xi Jinping NYSE

Alibaba Group Holdings, Ltd - ADR (NYSE:BABA) plunged 20% off Friday’s closing price at one point Monday before bouncing up about 6% from the low-of-day.

The Chinese multinational tech company plummeted in tandem with a number of other China-based stocks in the tech sector. The Hang Seng Index closed 6.36% lower at $15,180.70, a more than 42% decline from the Jan. 4 opening price.

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