NetEase (NTES-S) saw its stock price plummet by 5.02% in early trading on Wednesday, as Hong Kong's technology sector faced a significant selloff. The Chinese gaming and internet giant's shares declined sharply, reflecting broader concerns in the market.
The steep drop in NetEase's stock price comes as the Hong Kong stock market opened lower, with the Hang Seng Tech Index falling 4.3%. This market-wide decline was triggered by news that the United States plans to implement 104% duties on imports from China, set to take effect shortly after midnight. The announcement has sent shockwaves through the Hong Kong market, particularly affecting Chinese technology companies.
While NetEase was not specifically mentioned in the market reports, other major Chinese tech firms also experienced significant losses. Companies such as Nio, XPeng, Alibaba, and JD.com saw their stock prices fall by 5-7%, while tech giants Tencent and Xiaomi declined by 3%. The widespread impact on the tech sector suggests that investor sentiment towards Chinese technology stocks, including NetEase, has soured due to escalating trade tensions between the US and China.
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