U.S.-listed Chinese stocks face a sell-off today. Worries about Beijing's close relationship with Moscow have been heightened by the fallout from China's crackdown on tech giants and rising risk of US trade withdrawals.

Nasdaq Golden Dragon China fell 13%, Bloomberg reports.. And this is on top of last year's fall of 18%.. ADRs in e-commerce giant Alibaba Group Holding Ltd and JD. com also lost 19%. Search engine operator Baidu lost 14%. In total, Alibaba's decline this year was 30%,.

The publication writes that all these losses led to the message that Russia asked China to provide military assistance in the war with Ukraine.. Despite protests in Beijing, traders fear a potential Chinese siding with Vladimir Putin could lead to a global backlash against Chinese firms.. Or sanctions could be imposed.

In another Bloomberg article, China's richest oligarchs lost $52 billion today alone.. Zhong Shanshan, dubbed China's king of bottled water,'s fortune dropped by 5 billion in one day. Now Tencent founder Ma Huateng has lost $3.3 billion, according to the Bloomberg Billionaires Index.. Shares of Zhong Shanshan's company called Nongfu Spring plunged 10% on the Hong Kong stock exchange.

And this is the biggest drop in 18 months.. Although he still remains the richest Chinese citizen with $60.3 billion. For Tencent, the fall was the worst since 2011 after reports that it would have to pay a record fine for violating money laundering laws.. Ma, once the richest Chinese, is now third on the list of billionaires with $35.2 billion. The fall in Chinese shares accelerated today after officials in the United States started talking about Russia asking Beijing to help in the war against Ukraine.