Li Auto (02015) saw its stock price plummet by 5.02% during Monday's trading session in Hong Kong, as the broader market and electric vehicle (EV) sector faced significant headwinds. The Hang Seng Index fell 0.7%, while the Hang Seng Tech Index experienced a sharper decline of 1.2%, setting a bearish tone for technology and EV stocks.
The EV sector as a whole witnessed a substantial selloff, with Li Auto's peers also experiencing notable drops. Industry leader BYD saw its shares tumble by 6%, while NIO, another major player in the Chinese EV market, fell by 2%. This sector-wide decline suggests that investors are reassessing their positions in EV stocks, possibly due to concerns about market saturation, increased competition, or broader economic factors affecting consumer demand for electric vehicles.
The negative sentiment extended beyond the EV sector, affecting other major technology companies listed in Hong Kong. Meituan, the online services giant, was among the hardest hit, falling about 6%. Other tech heavyweights also saw declines, with CATL down 4%, and Tencent, JD.com, and Alibaba all experiencing drops between 0.7% and 1%. This widespread downturn in the tech sector indicates a broader risk-off sentiment among investors in the Hong Kong market.
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