China ADRs Sink on Report U.S. Eyeing Alibaba, Tencent Bans
- Pair lead declines for Chinese-based companies after report
- Weakness leaked over to high-fliers like JD.com and Nio
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Alibaba Group Holding Ltd and Tencent Holdings Ltd. tumbled, pulling down other Chinese stocks that trade in the U.S. after a report the U.S. is considering adding the two internet heavyweights to the China stock ban that has whipsawed some Asian-based companies this week.
Shares slumped on Wednesday after Dow Jones reported that U.S. officials are considering expanding a list of companies prohibited from receiving U.S. investments. Other actively-traded peers including Nio Inc., JD.com Inc., and Pinduoduo Inc. also fell.