China Stock Slump Spreads as Alibaba to JD.com Whipsaw Investors
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U.S.-traded Chinese stocks tumbled the most on an intraday basis in at least four years before rebounding in late trading as the rout that’s wiped $3.2 trillion from the value of mainland equities spreads.
Chinese American depositary receipts dropped 3.3 percent at the close of trading in New York, after slumping as much as 9.1 percent. Alibaba Group Holding Ltd. fell 0.8 percent on volume more than double its three-month daily average. JD.com Inc. fell 4 percent after paring a decline of as much as 12 percent.