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AMTD Digital Inc HKD shares are trading lower Monday alongside several Chinese stocks after Chinese President Xi Jinping secured his third term in power and named loyalists to the Politburo Standing Committee.
The Central Committee of the Chinese Communist Party has elected Xi as its general secretary for another five-year term. He was first elected in 2012 and his second term was due to end this year.
Related Link: China’s Xi Jinping Secures Third Term: What You Need To Know
Under Xi, China has cracked down on big tech companies citing data protection concerns. Xi has also stuck to his strict zero-COVID policy which has led to extended lockdowns in several Chinese cities while most of the world has reopened.
Investors appear to be concerned about the potential for continued strict Chinese policy in the wake of Xi’s re-election to general secretary.
AMTD Digital operates comprehensive digital solutions platforms in Asia.
HKD Price Action: AMTD Digital was down 16.3% at $23.43 Monday afternoon, according to Benzinga Pro.
Photo: Photo Mix from Pixabay.
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Image and article originally from www.benzinga.com. Read the original article here.