XPeng Inc. (09868.HK) saw its stock price plummet by 5.49% in the early trading session on Wednesday, as Hong Kong's stock market opened significantly lower amidst escalating US-China trade tensions and a broader tech sector decline.
The sharp decline in XPeng's shares comes as the Hang Seng Index fell 3.1% and the Hang Seng Tech Index dropped 4.3% at the market open. The sell-off was triggered by news that the United States plans to impose 104% duties on imports from China, set to take effect shortly after midnight. This development has reignited concerns over the ongoing trade disputes between the world's two largest economies.
XPeng was not alone in its descent, as other major Chinese tech and EV companies also experienced significant drops. Nio fell 7%, while Alibaba and JD.com joined XPeng with 5% declines. Industry giants Tencent, Xiaomi, and BYD also saw their shares fall by 3%. The widespread nature of these declines underscores the market's heightened sensitivity to geopolitical tensions and their potential impact on Chinese companies, particularly those in the tech and electric vehicle sectors.
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.