# Chinese water torture might be preferable - Xi's re-anointment craters stocks

**URL:** <https://discussion.fool.com/t/chinese-water-torture-might-be-preferable-xis-re-anointment-craters-stocks/78887>\
**Category:** Macro Economic Trends and Risks\
**Created:** [October 24, 2022, 8:41pm UTC](https://discussion.fool.com/t/chinese-water-torture-might-be-preferable-xis-re-anointment-craters-stocks/78887 "2022-10-24T20:41:00Z")\
**Posts on this page:** 2\
**Page:** 1

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**Author:** ![OrmontUS](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/ormontus/32/3681_2.png) [@OrmontUS](https://discussion.fool.com/u/OrmontUS)\
**Post date:** [October 24, 2022, 8:41pm UTC](https://discussion.fool.com/t/chinese-water-torture-might-be-preferable-xis-re-anointment-craters-stocks/78887/1 "2022-10-24T20:41:00Z")

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> **[Xi's power move punishes Chinese stocks, pushing them down as much as 26% in...](https://www.marketwatch.com/story/xis-power-move-punishes-chinese-stocks-pushing-them-down-as-much-as-26-in-one-day-11666633106)**
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> Pinduoduo led a group of U.S.-listed Chinese stocks lower.

Over the weekend, Xi [took his third term](https://www.wsj.com/articles/chinas-xi-claims-third-term-as-communist-party-leader-11666499842?mod=article_inline&mod=article_inline) as China’s communist party leader while sidelining rivals, extending his rule without an heir apparent. When the U.S. stock market opened Monday, shares of some of the biggest Chinese companies plummeted.

There are 73 Chinese stocks listed on the New York Stock Exchange and 192 in the Nasdaq Composite Index. Of those, 22 had market capitalizations of at least $5 billion as of Dec. 31, the cutoff for this article on share performance.

Longer-term uncertainties for investors holding shares of Chinese companies have not only included Xi’s crackdowns on various industries. China’s government has agreed to give U.S. regulators access to auditors’ reports about Chinese companies listed on U.S. exchanges, but [it remains to be seen](https://www.marketwatch.com/story/chinese-companies-listed-on-u-s-exchanges-must-finally-open-their-books-11661889025?mod=article_inline) if Xi will allow the agreement to be put into practice.

Jeff

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**Author:** ![Leap1](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/leap1/32/72176_2.png) [@Leap1](https://discussion.fool.com/u/Leap1)\
**Post date:** [October 24, 2022, 9:44pm UTC](https://discussion.fool.com/t/chinese-water-torture-might-be-preferable-xis-re-anointment-craters-stocks/78887/2 "2022-10-24T21:44:28Z")

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> **[Chinese Top Chipmaker Retaliates By Firing US Employees In Core Tech, Former...](https://finance.yahoo.com/news/chinese-top-chipmaker-retaliates-firing-121715286.html)**
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> Chinese chipmaker Yangtze Memory Technologies Corp ousted American employees in core tech positions following the U.S. embargo on China. Several U.S. citizens and green card holders in China had already left the memory chip producer, the Financial...