Shares of iQiyi Inc. (IQ), a leading online entertainment service in China, plunged over 14% in pre-market trading on Monday, as optimism surrounding potential stimulus measures in China faded quickly. The steep decline in iQiyi's stock price was part of a broader sell-off in U.S.-listed Chinese companies.
The initial surge in Chinese stocks was fueled by hopes of economic support from the Chinese government. However, the optimism waned after officials failed to provide specific details to sustain the market rally during a conference. This uncertainty triggered a wave of selling across various Chinese sectors, including e-commerce giants Alibaba Group Holding and JD.com, electric vehicle manufacturers like Li Auto, Nio, and Xpeng, as well as online education and social media companies.
iQiyi, along with other Chinese tech stocks such as Bilibili, Baidu, and Weibo, was caught up in the broader market downturn. Chinese ETFs tracking the nation's equities, including the iShares MSCI China ETF, KraneShares CSI China ETF, and iShares China Large-Cap ETF, also experienced significant declines.
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