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Nasdaq Golden Dragon China Index Dives 3%; BYD ADR (BYDDY.US) Slumps 9.1%
Recommend 52 Positive 96 Negative 43 |
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U.S.-listed Chinese ADRs broadly tapered off, with the Nasdaq Golden Dragon China Index diving 228 points, or 3%, to close at 7,442. News of BYD COMPANY (01211.HK)’s share placing weighed on auto stocks, with BYD’s ADR (BYDDY.US) tumbling 9.1% overnight to US$87.1. XPeng (XPEV.US) and Zeekr (ZK.US) eroded 5.8% and 6.6%, respectively, while NIO (NIO.US) and Li Auto (LI.US) tumbled 8.6% and 10.9%. Cloud service providers also faced pressure, with GDS Holdings (GDS.US) plunging 16.3% and Kingsoft Cloud (KC.US) subsiding 8.4%. Among major techs, Alibaba (BABA.US) lost 1.3%, Tencent’s ADR (TCEHY.US) dipped 0.9%, and Pinduoduo (PDD.US) fell 1%. Baidu (BIDU.US) and Bilibili (BILI.US) shed 2.5% and 2.6%, respectively, while Vipshop (VIPS.US) faded 2.9%, NetEase (NTES.US) stumbled 3.1%, and JD.com (JD.US) and New Oriental (EDU.US) cratered 4% and 4.8%. Trip.com (TCOM.US) bucked the trend, soaring 2%. AAStocks Financial News |
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