LI AUTO-W (02015) saw its stock price plummet by 9.74% in pre-market trading on Monday, as Hong Kong's stock market opened significantly lower. The sharp decline in LI AUTO-W's shares mirrors a broader sell-off affecting tech and electric vehicle (EV) stocks in the Hong Kong market.
The overall market sentiment was decidedly bearish, with the Hang Seng Index falling 9% and the Hang Seng Tech Index declining by a substantial 11%. Other major players in the tech and EV sectors also experienced significant losses, with companies like Alibaba, BYD, and Nio all dropping by 13%. Xiaomi saw a 12% decrease, while Tencent, JD.com, and XPeng fell by 11%.
While specific reasons for the market-wide downturn were not immediately clear, the synchronized decline across tech and EV stocks suggests broader economic or regulatory concerns may be at play. As a prominent player in the EV market, LI AUTO-W appears to be caught in this wider market turbulence, reflecting investor uncertainty and potential reassessment of growth prospects in the tech and EV sectors in China and Hong Kong.
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