Shares of Chinese video-streaming platform Bilibili Inc. plummeted more than 21% on Tuesday, as Chinese stocks experienced a broad selloff in the wake of disappointing comments from authorities regarding further economic stimulus measures.
The sharp decline in Bilibili's stock price came after a briefing from China's National Development and Reform Commission provided few details on additional stimulus plans, dashing hopes for more aggressive measures to support the slowing economy.
The lack of clarity on further stimulus prompted a massive selloff in Chinese markets, with the Hang Seng Index in Hong Kong falling 9.6% and the Hang Seng Tech Index plunging 13.6%. Major tech and consumer stocks, including Bilibili, Meituan, Li Auto, NIO, XPeng, JD.com, Alibaba, and Tencent, were among the hardest hit, with many recording double-digit percentage declines.
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