Trip.com Group Limited (TCOM) saw its stock price plummet 6.41% in pre-market trading on Monday, as Chinese ADRs faced a widespread selloff amid escalating trade tensions between the United States and China. The decline in Trip.com's stock is part of a larger trend affecting Chinese companies listed on U.S. exchanges.
The latest round of selloffs comes after China announced retaliatory tariffs on U.S. imports, following the U.S. decision to impose additional tariffs on Chinese goods. This tit-for-tat escalation has intensified fears of a full-blown trade war between the world's two largest economies, potentially leading to a global economic slowdown.
Other major Chinese ADRs also experienced significant drops in pre-market trading. XPeng and NetEase fell 14%, while e-commerce giants Alibaba and JD.com declined by 11% and 10% respectively. The Direxion Daily FTSE China Bull 3X Shares ETF (YINN), which provides leveraged exposure to Chinese stocks, plummeted by 24%, indicating the severity of the market reaction to the trade war developments.
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