BYD Company's stock (01211.HK) took a sharp dive in the market, plummeting 5.08% during Wednesday's trading session. This significant drop comes in the wake of the United States' announcement of impending tariffs on Chinese imports, sending shockwaves through the Hong Kong stock market.
The broader market sentiment was heavily impacted by the news, with the Hang Seng Index falling 3.1% and the Hang Seng Tech Index declining 4.3%. The U.S. administration stated that 104% duties on imports from China would take effect shortly after midnight, despite simultaneous efforts to initiate talks with other trading partners affected by President Trump's comprehensive tariff plan.
BYD Company, a leading Chinese electric vehicle manufacturer, was not alone in its downturn. Other major Chinese tech and automotive companies also experienced significant losses, with Nio falling 7%, and XPeng, Alibaba, and JD.com all declining by 5%. The ripple effect of the tariff announcement has clearly sent investors scrambling, particularly in sectors vulnerable to trade tensions between the world's two largest economies.
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