Shares of Chinese e-commerce giant JD.com (JD-SW) plummeted as much as 14.48% on Tuesday, caught in a broader selloff of Chinese technology stocks, as a briefing from China's National Development and Reform Commission (NDRC) failed to provide specific details on further economic stimulus measures.
The steep decline in JD.com's stock price mirrored the sharp reversal in Chinese markets, with the Hang Seng Index in Hong Kong falling 9.6% and the Hang Seng Tech Index plunging 13.6%. Other Chinese tech giants, including Alibaba, Tencent, and Meituan, also witnessed double-digit declines on the day.
The selloff was triggered by disappointment among investors, who had been anticipating more aggressive steps from Chinese authorities to bolster the country's economy. However, the NDRC chairman, Zheng Shanjie, did not provide any concrete details on new stimulus measures during the briefing, dashing hopes for a sustained rally in Chinese markets.
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