Beijing crackdown sparks record slide in US-listed China stocks

The Nasdaq Golden Dragon China Index, which tracks 98 of China’s biggest firms listed in the United States, has plunged about 20 percent over the last three trading days, its biggest such drop on record.

The slump in U.S.-listed Chinese shares accelerated Tuesday, wrapping up another day of losses, as investors shunned the assets amid a broad-based crackdown by regulators in Beijing. In the span of three trading days, the Nasdaq Golden Dragon China Index – which tracks 98 of China’s biggest firms listed in the U.S. – has plunged about 20%, its biggest such drop on record. Stocks included in the index have seen $840 billion, or nearly half their collective value, erased since hitting a record high in February. The gauge was already under pressure after China unveiled sweeping policy changes to the technology sector but the rout deepened as regulators pivoted to also target other industries like online education and property management.