U.S.-listed shares of Chinese electric vehicle maker Li Auto Inc. plummeted by 16.13% on Monday, as optimism over potential stimulus measures from the Chinese government waned after officials failed to provide concrete details during a conference.

Chinese stocks initially rallied after a week-long break, but quickly lost steam as Zheng Shanjie, chairman of the National Development and Reform Commission, did not provide any specifics to sustain market optimism during a conference. This dashed hopes for imminent government support, leading to a broad sell-off in Chinese companies listed on U.S. exchanges.

The sell-off was particularly severe in the electric vehicle sector, with Li Auto, Nio Inc., and Xpeng Inc. witnessing double-digit declines. The lack of clarity on potential stimulus measures weighed heavily on these companies, which have been grappling with pandemic-related disruptions and economic headwinds in the Chinese market.