Shares of Li Auto, a Chinese electric vehicle maker, plunged over 5% in pre-market trading on Monday, November 12th, 2024. The stock fell in line with several other Chinese ADRs amid concerns over slowing borrowing in China and subdued investor confidence following Beijing's latest policy announcements.

The pre-market plunge of Li Auto's stock comes as data showed a slowdown in borrowing in China during October. Additionally, investor confidence has remained low due to uncertainty surrounding the Chinese government's recent policy announcements. Several other Chinese companies, including Xpeng, JD.com, NIO, Alibaba, and PDD Holdings, also saw significant declines in their stock prices during overnight trading.

The broader sell-off in Chinese ADRs highlights the ongoing concerns among investors about the Chinese economy and the potential impact of government policies on businesses operating in the country. As a prominent player in the electric vehicle industry, Li Auto's stock is susceptible to fluctuations driven by changes in the overall market sentiment towards Chinese companies.