Shares of Chinese e-commerce giant JD.com (JD-SW) plummeted as much as 14.48% on Tuesday, following a broader sell-off in Chinese technology stocks.
The steep decline came after a briefing from China's National Development and Reform Commission failed to provide details on further economic stimulus measures, disappointing investors who had been anticipating more aggressive steps to bolster the country's economy.
The lack of clarity on additional stimulus measures led to a sharp reversal in Chinese markets, with the Hang Seng Index in Hong Kong falling 9.6% and the Hang Seng Tech Index plunging 13.6%. Other Chinese tech giants, including Alibaba, Tencent, and Meituan, also witnessed double-digit declines on the day.
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