Niu Technologies (NASDAQ: NIU), a prominent Chinese electric scooter manufacturer, experienced a sharp pre-market plunge of 23.44% on October 8, 2024. The steep decline came after China's National Development and Reform Commission failed to announce significant new economic stimulus measures during a press briefing on Tuesday, dashing investors' hopes for additional support to bolster the country's economic growth.

The lack of concrete stimulus announcements sent shockwaves through the Chinese stock market, with shares of several prominent Chinese companies listed in the United States suffering double-digit declines. Niu Technologies, along with companies like Weibo, Futu Holdings, Bilibili, Ke Holdings, and Kingsoft Cloud, were among the hardest hit, with some stocks plunging more than 15% in the pre-market session.

Investors had been anticipating the Chinese government to unveil new measures to stimulate the economy, which has been grappling with challenges stemming from the lingering effects of the COVID-19 pandemic and ongoing trade tensions with the United States. The absence of such measures triggered a wave of sell-offs, reflecting investors' disappointment and concerns over the potential impact on Chinese businesses and consumer spending.