iQiyi Inc. (IQ) stock plummeted 5.29% in pre-market trading on Monday as Chinese ADRs faced pressure due to disappointing economic data from China.
China's retail sales growth slowed to 3% in November, missing analysts' estimates of 5.3% growth and indicating a marked slowdown in consumption. Additionally, property investment declined 10.4% from January to November, further contributing to concerns about China's economic situation.
While China's Politburo pledged to adopt more active policies to boost consumption and expand domestic demand, the lack of specific details in the readout dampened investor sentiment, leading to a sell-off in Chinese ADRs, including iQiyi Inc.
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