"Stock Market Briefing" Chinese concept stocks listed in the US plummeted before the market, continuing the downturn in the Hong Kong market

Reuters
2024.10.08 08:22
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Chinese concept stocks listed in the US fell sharply before the market on Tuesday, following the slump in the Hong Kong market. E-commerce stocks such as Alibaba, JD.com, Pinduoduo, etc., experienced significant declines, while new forces in the automotive industry such as Li Auto, NIO, XPeng, etc., also saw a substantial drop. Despite the confidence expressed by the National Development and Reform Commission of China in achieving the annual economic target, market expectations for fiscal policy have not been met. The Hang Seng Index in Hong Kong recorded its largest single-day decline in nearly 16 years

  • Chinese concept stocks listed on the US stock market fell sharply in pre-market trading on Tuesday, following the largest single-day drop in nearly 16 years for the Hang Seng Index in Hong Kong.

  • Chinese e-commerce giants Alibaba (BABA.N) dropped by 9.3% in pre-market trading, while JD.com (JD.O) and Pinduoduo (PDD.O) fell by 11.7% and 11.5% respectively.

  • New energy vehicle startups Li Auto (LI.O), NIO Inc. (NIO.N), and XPeng (XPEV.N) saw declines ranging from 12.2% to 14%. Internet brokers Futu Holdings (FUTU.O) and Tiger Brokers (TIGR.O) dropped by up to 19% and 28.6% in pre-market trading.

  • The National Development and Reform Commission of China made a high-profile appearance at a press conference on Tuesday, emphasizing confidence in achieving the annual economic targets. However, the highly anticipated significant fiscal stimulus policies did not materialize. After an initial surge, major A-share indices in China retreated, while the Hang Seng Index (.HSI) in Hong Kong recorded its largest single-day drop since October 27, 2008.

  • The Chinese Ministry of Commerce stated on Tuesday that China is currently conducting anti-dumping and anti-subsidy investigations into imported pork, pork by-products, dairy products, and other products from the European Union. At the same time, China is considering measures to increase tariffs on imported large-displacement fuel vehicles. (End)

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(Reporter: Lin Yuhang; Editor: Wu Yunling)

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