shares in chinese companies were plunging on monday as markets reacted to the consolidation of power by president xi jinping after he was confirmed to a historic third term as leader of the world’s secondlargest economy alibaba ticker baba tumbled 12 in us premarket trading with tech peer jdcom jd dropping 16 pinduoduo pdd falling 14 and baidu bidu down 11 electricvehicle maker nio nio shed 13 hong kong’s hang seng index closed 64 in the red seeing its worst oneday rout since 2008