Chinese stocks with American depositary receipts were falling early Monday even after China’s central bank lowered interest rates.

Retailer Alibaba fell 2.5% in the premarket, and rival JD.com fell 1.5%. Bilibili, a video-sharing site, declined 1.17%, and electric-vehicle maker NIO fell 2.1%. The Hang Seng Index in Hong Kong fell 1.6% on Monday.

The moves follow fresh stimulus from the People’s Bank of China. The central bank for the world’s second-biggest economy lowered two key lending rates, designed to help the housing market and bolster consumer spending.

Chinese officials ignited a stock rally in September by announcing the start of a series of measures to bolster growth. The government is trying to hit a 5% growth target for the year—in the third quarter the pace was just 4.6%, the slowest in six quarters.

But the euphoria has faded somewhat since then as investors worried whether it will be enough. The reaction to the latest rate cuts suggest it’s still not, but there are likely more announcements to come. Should one be a big bazooka move beyond what’s already priced in it would likely move stocks and markets.