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China stock sell-off spreads to New York after Xi cements rule

Alibaba, others suffer heavy losses following declines in Hong Kong, Shanghai

Alibaba, China's e-commerce leader, and other tech stocks tumbled in Hong Kong and New York as markets reacted to China's biggest political event in recent memory.   © Reuters

HONG KONG -- Heavy selling in China tech stocks spread from Hong Kong to New York on Monday as foreign investors were spooked by a Communist Party leadership overhaul that potentially paved the way for Chinese leader Xi Jinping to rule for life.

The Nasdaq Golden Dragon China Index, which tracks major Chinese companies traded on U.S. exchanges, fell more than 14% after being down as much as 20% during the session.

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