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

The Hang Seng HK:HSI fell by more than 6% in late trade, with tech giants including JD.com HK:9618 JD, Baidu HK:9888 BIDU and Alibaba HK:9988 BABA each nursing double-digit losses. The local Shanghai Composite CN:SHCOMPindex fell a less dramatic 2%.The Hang Seng HSI fell by more than 6% in late trade, with tech giants including JD.com 9618 JD , Baidu 9888 BIDU and Alibaba 9988 BABA each nursing double-digit losses. The local Shanghai Composite SHCOMP 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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