Shares of iQiyi Inc. (IQ), a leading Chinese online video streaming platform, plunged by 6.72% in pre-market trading on Monday, October 15th, 2024. The sharp decline was part of a broader sell-off in Chinese stocks and American Depository Receipts (ADRs), fueled by concerns over the country's economic growth prospects and uncertainty surrounding government stimulus measures.

The sell-off was triggered by investor disappointment over the Chinese finance ministry's announcement on Saturday, which only mentioned plans to increase borrowing without providing specific details on the timing or magnitude of the stimulus. This lack of clarity left many investors questioning the effectiveness and timing of government support for the slowing Chinese economy.

Adding to the market jitters, a recent Reuters poll projected China's economy to grow at 4.8% in 2024, missing the government's target. This fueled concerns about the potential impact on Chinese companies, including iQiyi, which operate in an environment of slowing economic growth and consumer spending.