LI AUTO's stock (02015.HK) plummeted 5.30% in the Hong Kong market's opening session on Wednesday, as Chinese electric vehicle (EV) makers face mounting pressure from US trade policies and a broader tech selloff in Hong Kong.
The sharp decline comes as the United States announced plans to implement 104% duties on Chinese imports, set to take effect shortly after midnight. This move has triggered a widespread selloff in Hong Kong-listed Chinese stocks, with the Hang Seng Tech Index declining by 4.3% and the broader Hang Seng Index falling 3.1%.
While LI AUTO was not specifically mentioned in recent news, the negative sentiment towards Chinese EV makers is evident. Fellow EV manufacturer NIO saw a 7% drop, while other tech giants like Alibaba and JD.com fell by 5%. The market-wide downturn, coupled with the looming US tariffs, has created a challenging environment for Chinese tech and EV companies, including LI AUTO, as investors reassess their positions in light of escalating trade tensions.
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