Starbucks Corporation SBUX shares are trading lower by 5.63% to $83.62 Monday morning possibly in sympathy with the Chinese sector amid Chinese President Xi winning his 3rd term. Some investors are concerned about increasing the private sector and tech company regulation. Starbucks has ties in China.
In January 1999, Starbucks entered the Chinese mainland market by opening its 1st store in the China World Trade Building, Beijing. Starbucks currently operates more than 5,400 stores in over 200 cities in the Chinese mainland, employing more than 60,000 partners.
What Happened?
Xi Jinping secured his third term in power on Sunday by winning re-election as general secretary of the Chinese Communist Party.
The Central Committee of the Chinese Communist Party (CCP) elected Xi as its general secretary for a precedent-breaking five-year term, according to a Reuters report. Jinping was first elected in 2012 and will complete his 10-year tenure this year.
The CCP also named a seven-member Politburo Standing Committee (PSC) led by Jinping, its inner circle of power dominated by the party leader's allies...Read More
According to data from Benzinga Pro, Starbucks has a 52-week high of $117.80 and a 52-week low of $68.39.
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