VNET Group, a leading internet and data center services provider in China, saw its stock soar 5.01% in the 24 hours leading up to the start of Monday's trading session.
However, the company's American depositary receipts (ADRs) traded in the US subsequently tumbled 16% in the early hours of Monday morning trading, leading the decliners among North Asian ADRs.
The sharp pullback in VNET's share price comes amid a broader selloff in Asian equities on Monday. The S&P Asia 50 ADR Index, which tracks Asian companies traded in the US, slid 2.64% lower as concerns over economic growth and potential trade tensions weighed on investor sentiment.
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