Shares of Chinese electric vehicle maker Li Auto Inc. (LI) plunged more than 5% in pre-market trading on Thursday, November 8, as investors reacted to China's latest stimulus package aimed at boosting the country's sluggish economy.
China announced a five-year package totaling 10 trillion yuan ($1.4 trillion) to tackle mounting debt levels at its local governments. The plan allows local governments to sell bonds to swap out their debt, but stopped short of broader fiscal support.
Investors had been anticipating a bigger stimulus from Beijing, particularly after Donald Trump's election as U.S. president raised concerns about potential trade tensions with China. The underwhelming stimulus package disappointed markets, sending China-focused exchange-traded funds (ETFs) and stocks of Chinese companies listed on U.S. exchanges sharply lower in pre-market trading.
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