U.S.-listed shares of Chinese companies, including social media giant Weibo, experienced a significant pre-market sell-off on Monday, October 8, 2024, as optimism surrounding potential stimulus measures from China's government faded.
Weibo, the popular microblogging platform, saw its shares plunge by 16.65% in pre-market trading, reflecting a broader decline in Chinese stocks listed on U.S. exchanges. This sell-off was triggered by a lack of concrete details from Zheng Shanjie, the chairman of China's National Development and Reform Commission, regarding stimulus measures aimed at boosting the country's economy.
The initial optimism, which had buoyed Chinese stocks earlier, quickly dissipated after Zheng's remarks failed to provide specific plans or measures to sustain market confidence. Consequently, various sectors, including e-commerce, electric vehicles, gaming, search engines, online education, and social media, witnessed substantial declines in their stock prices.
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