Tencent Music (TME) shares tumbled 8.56% in pre-market trading on Monday, as Chinese stocks and ETFs faced a significant sell-off in overnight trading. The decline in TME's stock price aligns with a broader downturn in Chinese equities, signaling investor concerns about the Chinese market.
The FTSE China A50 Index Futures led the bearish sentiment, dropping nearly 4%. This negative trend has spilled over to Chinese companies listed in the U.S., with several prominent names experiencing substantial losses. Notable declines include YINN ETF, which plummeted 11%, and e-commerce giant PDD Holdings, which fell 7%.
Other major Chinese stocks were not spared from the sell-off. Electric vehicle makers XPeng and Li Auto saw their shares drop by 6% and 5% respectively. E-commerce behemoths JD.com and Alibaba also felt the pressure, with JD.com falling 5% and Alibaba declining 4%. While specific reasons for the market-wide decline were not provided in the news, the synchronized fall across various sectors suggests a broader macroeconomic or geopolitical factor affecting investor sentiment towards Chinese equities.
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