Shares of KE Holdings Inc. (BEKE), a leading integrated online and offline platform for housing transactions and services in China, plummeted 13.54% in pre-market trading on October 8, 2024. The steep decline was part of a broader selloff in Chinese stocks listed in the U.S. overnight.
The sell-off was driven by concerns over China's economic outlook and regulatory environment, as well as broader macro factors impacting Chinese companies. According to reports, Chinese American Depository Receipts (ADRs) and Exchange-Traded Funds (ETFs) extended their decline in overnight trading, with several prominent names experiencing significant losses.
The FTSE China A50 Index futures, which track the performance of the 50 largest companies in mainland China, dropped around 8%. Other major Chinese stocks, including Bilibili, PDD Holdings, Li Auto, iQiyi, NIO, Baidu, and JD.com, suffered losses ranging from 8% to over 10%.
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