KE Holdings Inc. (BEKE) saw its stock price plummet by 8.03% in a significant 24-hour decline. The sharp drop occurred as Chinese stocks faced a broad-based selloff in overnight trading, reflecting growing concerns about the Chinese market.

The downward pressure on BEKE appears to be part of a larger trend affecting Chinese equities. The FTSE China A50 Index Futures continued its descent, falling by nearly 4%, indicating widespread negative sentiment towards Chinese stocks. This broader market weakness has impacted various sectors, from e-commerce to electric vehicles.

Other major Chinese companies also experienced substantial losses. Pinduoduo (PDD) fell by 7%, while JD.com and Li Auto both dropped 5%. Tech giant Alibaba was not spared, declining by 4%. The most severe impact was felt by leveraged ETFs, with YINN, a 3x leveraged China ETF, plummeting by 11%. This widespread decline across Chinese ADRs and ETFs suggests a significant shift in investor sentiment towards Chinese equities, likely contributing to KE Holdings' sharp drop.