Li Auto Inc., the Chinese electric vehicle maker, saw its stock plummet by 5.18% on Monday, amid broader concerns over China's economic growth and government stimulus measures.
The decline in Li Auto's share price was part of a wider selloff in Chinese stocks listed on U.S. exchanges, known as American Depositary Receipts (ADRs). This followed a disappointing announcement from China's finance ministry over the weekend, which stated that the government would increase borrowing without specifying the timing or the amount, frustrating investors who were hoping for more details on fiscal stimulus measures.
Reports from Caixin Global suggested that China might raise an additional 6 trillion yuan ($850 billion) over three years to fund economic stimulus efforts. However, a Reuters poll indicated that China's economy is likely to expand by only 4.8% in 2024, missing the government's target.
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