Worst China Stocks Selloff Since February Caps Brutal Reversal
- Crowd favorite Kweichow Moutai loses $25 billion in value
- Headwinds including U.S.-China tensions are increasing
Pedestrians walk through a plaza in front of an Apple Inc. store in the Sanlitun area in Beijing on July 15.
Photographer: Giulia Marchi/BloombergThis article is for subscribers only.
The rally in Chinese shares is unraveling almost as quickly as it began, with losses accelerating Thursday after state media criticized one of the country’s most popular stocks.
The CSI 300 Index closed 4.8% lower, its biggest loss since markets reopened in February following the Lunar New Year break. Crowd favorite Kweichow Moutai Co. slumped 7.9%, wiping out a record $25 billion in value and dragging down an index of consumer shares by the most since 2018. The ChiNext Index, which had earlier this week turned hotter than any benchmark in the world, fell as much as 6.2%.