Chinese stocks and related ETFs, including the Direxion Daily FTSE China Bull 3X Shares (YINN), plunged in pre-market trading on Wednesday as investors cashed in on recent gains following a multi-day rally.
YINN, a leveraged ETF that aims to deliver triple the daily returns of the FTSE China 50 Index, fell 5.6% in pre-market trading. Other major Chinese stocks and ADRs also experienced sharp declines, with Alibaba shedding 1.7%, PDD Holdings dropping 3.7%, Bilibili and iQiyi both down over 4%, and XPeng, Baidu, and NIO all declining more than 2%.
The pre-market sell-off came after consecutive surges in Chinese equities on Thursday, as investors reassessed the prospect of easing tensions between the U.S. and China. However, concerns over ongoing geopolitical tensions and economic uncertainties have prompted some investors to take profits on recent gains.
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