Alibaba, JD.com tumble in US as Xi asserts full control in China

US-listed Chinese stocks tumbled in premarket trading, with investors spooked by President Xi Jinping’s tightening grip on China’s ruling party, as he embarks on a precedent-breaking third term with rivals gone and no successor in sight.

The KraneShares CSI China Internet Fund, an exchange traded fund that includes more than 40 Chinese stocks, slid 13%. Major Chinese internet stocks from Alibaba Group Holding Ltd. to JD.com Inc. saw double-digit declines. In Johannesburg, Tencent Holdings Ltd.’s biggest shareholder Naspers Ltd. plunged 12%.