NIO (09866.HK) shares plunged 7.16% in the Hong Kong market on Wednesday, as tech and electric vehicle stocks faced a significant sell-off. The sharp decline came amid broader market concerns over escalating US-China trade tensions, which sent the Hang Seng Tech Index tumbling by 4.3%.
The sell-off was triggered by news that the United States plans to impose 104% duties on imports from China, set to take effect shortly after midnight. This announcement has reignited fears of a trade war between the world's two largest economies, leading to a widespread retreat from Chinese tech and EV stocks listed in Hong Kong.
NIO's decline was part of a larger trend affecting Chinese EV makers and tech giants. XPeng, another prominent electric vehicle manufacturer, also saw its shares drop by 5%. Tech behemoths Alibaba and JD.com experienced similar 5% declines, while Tencent and smartphone maker Xiaomi fell by 3%. The negative sentiment spread across various sectors, with the broader Hang Seng Index falling 3.1% at the market open.
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