XPeng (XPENG-W) shares plummeted 10.61% at the market open on Monday, as Hong Kong's technology sector faced a significant selloff. The electric vehicle maker's stock decline was part of a broader market downturn that saw the Hang Seng Tech Index fall by 11%.
The selloff was not limited to XPeng, as other major tech companies also experienced substantial losses. Alibaba, BYD, and Nio saw their shares drop by 13%, while Xiaomi fell 12%. Tech giants Tencent and JD.com, along with XPeng, declined by 11%. The widespread nature of the selloff suggests a sector-wide issue rather than company-specific concerns.
This market decline comes amid a challenging environment for Hong Kong stocks, with the broader Hang Seng Index falling 9% at the open. The reasons behind this significant market downturn were not immediately clear, but investors appeared to be reducing their exposure to the tech sector as a whole, potentially due to macroeconomic concerns or regulatory uncertainties affecting Chinese tech companies.
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