The shares of China’s entertainment companies crashed within minutes of stock markets reopening on Monday morning. Many firms saw share trading quickly halted after prices moved by the 10% maximum …
was down 9.99% to RMB 12.43, while shares in another state enterprise Shanghai Film Group were down a similar 9.99% to RMB 12.17. Zhejiang Talent was down 9.95% to RMB 4.98 per share.
On Monday morning, Chinese authorities confirmed 17,205 cases of the disease and 361 deaths. That makes it deadlier than the 2003 SARS outbreak. Incidences of the disease have now been discovered in more than 20 countries, and on Sunday the Philippines reported the first fatality outside mainland China. The victim was a Chinese national who had traveled from Wuhan, China, the epicenter of the outbreak.
While the Shanghai and Shenzhen stock markets were closed last week, those elsewhere in the world have been open and had an earlier chance to absorb the virus news. The New York and NASDAQ exchanges are home to several of China’s Internet and tech stocks, including Baidu, iQIYI, Huya and NetEase.
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