Major Chinese names have been on a tear recently with the prospect of China finally stepping out of the shadows of COVID-19 and the threat of delisting in the U.S. receding for many a name.
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Nonetheless, concerns remain that the recent spate of anti-restriction protests across the country could very well be just the tip of the iceberg. Chinese citizens resorted to novel ways to organize gatherings and skirt the central government’s all-seeing eye.
Now, with CPI numbers in the U.S. expected tomorrow and the Fed meeting on Wednesday looming large, a number of Chinese stocks are trending lower today and leading the market decliners names in early trading.
Shares of entertainment services provider Bilibili (BILI) are down 12% and holding company Miniso Group (MNSO) is down 9% as well.
Further, top K-12 education name TAL Education (TAL) too is down 16% as fears of further regulatory actions remain an overhang on the sector. Personal finance platform Lufax (LU) too has tanked nearly 11% today already.
The slide in share prices comes even as the Chinese government is looking to keep growth ticking after severe COVID-19 restrictions in the country.
The Direxion Daily FTSE China Bull 3x Shares ETF (YINN) has now shed 75% over the past 52 weeks.
Related tickers:
- JD.Com ( JD)
- Baidu (BIDU)
- NIO (NIO)
- XPeng (XPEV)
- Li Auto (LI)
- Pinduoduo (PDD)
- Direxion Daily CSI 300 China A Share Bull 2x Shares ETF (CHAU)
- Alibaba (BABA)
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