Stock Track | NIO Shares Plunge in Pre-Market Trading on China Economic Concerns

Stock Track11-12 18:52

Shares of NIO Inc., a leading Chinese electric vehicle manufacturer, plunged by 5.14% in pre-market trading on November 12, 2024. The stock's decline was part of a broader selloff in Chinese American Depositary Receipts (ADRs) traded on U.S. exchanges.

According to overnight trading data, several prominent Chinese companies saw their ADRs drop significantly. XPeng and JD.com fell over 5%, while Li Auto, Alibaba, and NIO itself experienced declines of over 3%.

The selloff in Chinese ADRs is attributed to growing concerns about China's economic conditions and investor confidence following recent policy announcements from Beijing. Data released showed that borrowing in China slowed in October, suggesting a potential slowdown in economic activity. Additionally, investors remained cautious about the implications of the latest policy changes by Chinese authorities.

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