Finance

Here’s what happened in that wild trading in China internet stocks

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In this photo illustration the ViacomCBS logo seen displayed on a smartphone.

Rafael Henrique | SOPA Images | LightRocket | Getty Images

Chinese stocks listed in the U.S. fell sharply last week, after several weeks in correction mode.

A trader who participated in some of the wild trading in Chinese internet stocks on Friday confirmed that the primary cause of the selling in Chinese stocks was that a fund, Archegos Capital Management, was forced out of its positions.

Here is the sequence of events, according to the trader, who asked to remain anonymous:

1. The catalyst was ViacomCBS, which did a $3 billion stock offering through Morgan Stanley and J.P. Morgan earlier in the week that fell…



Source cnbc.com

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