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Asia Markets: Hong Kong stocks suffer worst single-day rout since 2008 as Xi consolidates power

Hong Kong stocks were on track for their worst single session since the 2008 financial crisis after Chinese leader Xi Jinping tightened his grip on power.

The Hang Seng
HSI,
-6.51%

fell by more than 6% in late trade, with tech giants including JD.com
9618,
-13.90%

JD,
-0.02%
,
Baidu
9888,
-12.81%

BIDU,
-2.29%

and Alibaba
9988,
-11.71%

BABA,
+0.22%

each nursing double-digit losses. The local Shanghai Composite
SHCOMP,
-2.02%

index fell a less dramatic 2%.

Over the weekend, the 69-year-old Xi secured his third term as general secretary of the Chinese Communist Party. Reporters captured video of former Chinese President Hu Jintao getting escorted out of the closing ceremony. Four of the seven standing committee members were replaced, all of whom are at least 60 years old.

China also reported delayed data, saying its economy grew at a 3.9% year-over-year rate in the third quarter, up from 0.4% in the second quarter.

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