Jiayin Group Inc. (JFIN), a Chinese consumer finance platform, saw its stock price plummet by 18.89% in Friday's pre-market trading session, as Asian equities traded as American Depositary Receipts (ADRs) faced significant pressure in the US market.

The sharp decline in Jiayin Group's stock comes amid a broader selloff affecting Asian ADRs, with the S&P Asia 50 ADR Index tumbling 7.9% on Friday morning. The index is now down nearly 10% for the week, highlighting the severe turbulence in the Asian equity market.

Jiayin Group was not alone in its steep decline, as other fintech and tech companies also experienced substantial losses. LexinFintech (LX), another consumer finance platform, led the decliners with a 19.4% drop, while online brokerage UP Fintech (TIGR) fell 16.1%. The widespread nature of the selloff suggests broader market concerns affecting Asian stocks, particularly those in the financial technology sector.