KEY POINTSThe plunge in Chinese stocks on Monday, especially internet tech giants such as Alibaba, “may be misguided,” consulting firm Teneo said in a note.New promotions to China’s core leadership team are close to Chinese President Xi Jinping, and previously led “rich provinces where economic growth is still the top priority,” the report said.Li Qiang, likely to become the next premier, oversaw stringent Covid lockdowns in Shanghai this year in his role as party secretary of the city.BEIJING — Chinese stocks’ plunge on Monday over fears about China’s new leadership team “may be misguided,” consulting firm Teneo said.Chinese stocks in Hong Kong and New York, especially internet tech giants such as Alibaba, dropped on the first trading day after Chinese President Xi Jinping cemented his firm grip on power with a new core leadership team filled with his loyalists.Over the last several years, Xi has shown a preference for greater state involvement in the economy.CNBC.com