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Why The9 Limited, Pinduoduo, and Luokung Tech Stocks All Crashed Today

·2 min read
Why The9 Limited, Pinduoduo, and Luokung Tech Stocks All Crashed Today
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Chinese stocks are in a funk Monday, with shares of popular online gamer The9 Limited (NASDAQ: NCTY) down 10.3%, e-commerce platform Pinduoduo (NASDAQ: PDD) falling 12.5%, and location tracker Luokung Technology (NASDAQ: LKCO) sliding most of all -- off 13.8% as of 11 :15 a.m. EDT. Blame the Biden administration -- but also the Trump administration -- for that. As Bloomberg reported over the weekend, restrictions on investment by U.S. companies in Chinese tech stocks, initially proposed by the Trump administration in 2019, are still being considered by the Biden administration.