LI AUTO-W (02015) saw its stock price plummet by 9.74% in pre-market trading on Monday, as Hong Kong's stock market opened significantly lower. The sharp decline in LI AUTO-W's shares mirrors a broader sell-off affecting tech and electric vehicle (EV) stocks in the Hong Kong market.
The overall market sentiment was decidedly bearish, with the Hang Seng Index falling 9% and the Hang Seng Tech Index declining by a substantial 11%. Other major players in the tech and EV sectors also experienced significant losses, with companies like Alibaba, BYD, and Nio all dropping by 13%. Xiaomi saw a 12% decrease, while Tencent, JD.com, and XPeng fell by 11%.
While specific reasons for the market-wide downturn were not immediately clear, the synchronized decline across tech and EV stocks suggests broader economic or regulatory concerns may be at play. As a prominent player in the EV market, LI AUTO-W appears to be caught in this wider market turbulence, reflecting investor uncertainty and potential reassessment of growth prospects in the tech and EV sectors in China and Hong Kong.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.