US-listed Chinese stocks suffered a sharp decline on the night of November 11, with the Nasdaq Golden Dragon China Index dropping more than 2.5% shortly after the market opened.

Tencent Music Entertainment Group (TME) led the losses, falling over 13%, followed by NIO Inc. (NIO), which declined more than 6%. Kanzhun Limited (BZ), MINISO Group Holding Limited (MNSO), and JD.com (JD) each dropped more than 4%.

KE Holdings Inc. (BEKE), Li Auto (LI), and NetEase (NTES) all lost more than 3%, while Alibaba Group Holding Limited (BABA), XPeng Inc. (XPEV), and Baidu (BIDU) each fell by more than 2%.