XL2CSOPHSTECH (07226) experienced a dramatic plunge of 35.72% during Monday's trading session, as Chinese stocks faced a significant selloff across various markets. The sharp decline comes amid a broader downturn affecting Chinese ETFs, ADRs, and index futures.
The FTSE China A50 Index Futures set a bearish tone for the market, declining by nearly 4%. This negative sentiment spilled over to other Chinese equities, with several major companies witnessing substantial losses. Notably, the leveraged ETF YINN saw a staggering 11% drop, while popular e-commerce platform PDD Holdings tumbled by 7%.
The selloff was not limited to a single sector, as evidenced by the diverse range of affected companies. Electric vehicle makers XPeng and Li Auto fell by 6% and 5% respectively, while e-commerce giants JD.com and Alibaba declined by 5% and 4%. This widespread downturn suggests a broader loss of investor confidence in Chinese equities, contributing to XL2CSOPHSTECH's severe decline.
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