Why Tencent, Huya, and Lufax Plunged Today
Shares of Chinese tech and fintech companies Tencent Holdings (OTC: TCEHY), Huya (NYSE: HUYA), and Lufax Holding (NYSE: LU) fell 14.5%, 4.6%, and 3.3%, respectively, as of 1:11 p.m. ET. The across-the-board sell-off in Chinese stocks this morning wasn't hard to figure out. This past weekend, China concluded the Communist Party's 20th National Congress.