Chinese fintech stocks sink after Q3 GDP report, Xi starts third term

• With China's Q3 GDP lagging the government's full-year target of 5.5% and Xi Jinping securing an historic third five-year term as head of the Communist Party, American depositary shares of Chinese fintech have slumped in Monday premarket trading in the U.S.
• The action in U.S. markets comes after Hong Kong and Shanghai stock markets closed lower on Monday as the GDP figure was constrained by an industry-wide real estate crisis and zero-tolerance COVID policy. In addition, the continuation of Xi's rule means the government's policies in both domestic and international arenas will stay in place.
• KE Holdings (NYSE:BEKE), a popular real estate app in China, saw its ADSs drop 14% in U.S. premarket trading. Futu Holdings (NASDAQ:FUTU) ADSs -16%. UP Fintech Holding (NASDAQ:TIGR) -12%, 360 DigiTech (NASDAQ:QFIN) -9.5%, and Lufax Holding (NYSE:LU) -8.4%.
• Last week, SA contributor The Value Pendulum said Futu (FUTU) needs more time for meaningful diversification
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