Shares of JD.com and other major Chinese tech companies fell sharply on Wednesday, as traders shunned riskier assets amid concerns over the potential outcome of the U.S. presidential election. JD.com plummeted 6.18%, while Alibaba, Nio, Li Auto, Meituan, and Tencent all posted steep declines.
The sell-off in Hong Kong-listed equities reflected international investors' worries that a second term for President Trump could lead to heightened trade tensions and policy uncertainties that would negatively impact Asia's export-driven economies. There are fears that Trump's pro-growth policies could keep inflation elevated, complicating the Federal Reserve's efforts to achieve price stability.
"Trump trades gaining ground in early Asian trading could be a mixed message for Asian equities," said Charu Chanana, chief investment strategist at Saxo Markets. "While his pro-growth policies could spill over the tailwinds to Asia, threats of tariffs and a stronger dollar will have be to assessed as well."
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