Alibaba, Tencent shares tumble as Xi reshuffles China's politburo

As Xi Jinping began his third term as China's leader, he pushed market reformists from the politburo standing committee, leading to stocks of companies such as Alibaba and Tencent plunging 12% and 10% respectively. The Hang Seng stock index in Hong Kong was also the lowest since 2009 as it crashed by 6.2%. Investors fear tightened scrutiny of private companies.