At the beginning of the market on Friday, March 11, U.S. stocks , the three major U.S. stock indexes opened higher and moved lower , the S&P 500 index the broader market and technology stocks the Nasdaq and the Nasdaq 100 indexes were the first to turn negative, and many Chinese concept stock also continued yesterday's sharp decline.
Among them, affected by the State Tobacco Monopoly Administration 's public solicitation of opinions on the "E-Cigarette" national standard (second solicitation draft), and the fact that the flavors are clearly limited to tobacco flavor, the e-cigarette brand RELX's parent company Mist Core Technology once plunged 43%, hitting its lowest level since its listing in the United States.
Zai Lab fell nearly 12%, BeiGene once fell nearly 11%, Shenmei Semiconductor and Yum China once fell more than 10%, among which Yum China was close to the intraday trading on April 2, 2020. It hit a low and pushed down to 40 US dollars, and Chi-Med Medicine fell more than 8%.
China Securities Regulatory Commission responded to the above-mentioned Chinese concept stocks’ inclusion in the “pre-delisting list” on the evening of March 10, saying that it firmly opposed the mistake of some forces to politicize securities supervision. practice. Yum China, BeiGene, Zai Lab, and Ame Semiconductor subsequently announced responses to the Foreign Company Accountability Act, but Yum China warned that the company's common shares may be delisted from the New York Stock Exchange in early 2024.
U.S. stock futures originally rose by more than 1% before the market opened on Friday because Russian President Putin said that Russia-Ukraine talks had made some positive progress, which eased market tensions about geopolitics.. Overseas stock markets all rose in a straight line, European stocks once rose 5%, and Chinese concept stocks also rebounded before the market opened. The four component stocks of the Nasdaq 100 Pinduoduo, JD.com , NetEase, Baidu have increased by nearly 1% to nearly 4%, Shell, iQiyi and Bilibili have also increased. At least an increase of more than 2%.
However, after the US stock market opened , the popular Chinese concept stocks that had reversed before the market fell again. Pinduoduo once fell nearly 9%, JD.com, which had reported poor results in the previous four quarters, once fell 6.6% to its lowest level since May 2020, NetEase once fell 3%, and Baidu fell more than 9% to its lowest level since September 2020.
Didi fell by more than 40%, Manbang fell by nearly 20%, Lufax once fell by more than 19%, Tuya Smart and Luckin Coffee fell by about 14%, 360 Digital fell by more than 12% , Good Future fell by more than 11%, New Oriental once fell by 10.5%, Beike fell by nearly 10%, iQiyi and Bilibili fell by about 9%, and Zhihu fell by more than 7%. The "Three Idiots in Car Making" all fell. Nio fell 7%, Xpeng Motors fell 7.4%, and Li Auto fell more than 11% and turned negative during the year. Alibaba fell as much as 6%, the lowest since 2017. , Kaixin Auto, and Dada, which originally maintained their gains, also turned down.
Wall Street News once mentioned that on Thursday, the four Nasdaq 100 component stocks Pinduoduo, JD.com, NetEase, and Baidu closed down about 17.5%, 15.8%, 7.3%, and 6.3% respectively. JD.com was listed in the United States. The biggest drop since. At the same time, Beike fell by nearly 24%, iQiyi fell by nearly 22%, TAL fell by more than 16%, Futu Holdings fell by nearly 16%, and Bilibili fell by more than 14%. Internet giant Alibaba fell nearly 8%.
analysis pointed out that in terms of overall performance, as of the close of March 10, the average decline of 280 Chinese concept stocks listed in the United States in the past year was as high as 55.6%, and the average discount of was more than half. Among them, education and Internet stocks have fallen the most, almost including the top 20 stocks in the past year.
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