XPeng (09868.HK) saw its stock price plunge 5.01% in intraday trading, as Chinese electric vehicle makers faced a significant selloff amid broader market weakness in Hong Kong. The decline comes as investors grapple with concerns over China's economic performance and disappointing corporate earnings.
The selloff in Chinese EV stocks was primarily triggered by BYD's aggressive price cuts of up to 35% announced late last week. This move has intensified competition in the already crowded Chinese EV market, putting pressure on smaller players like XPeng. BYD's shares led the decline, falling 9%, while other EV makers such as Li Auto and NIO also experienced significant drops of 6% and 3% respectively.
The broader market sentiment also contributed to XPeng's decline. The Hang Seng Index fell 1.4%, while the Hang Seng Tech Index dropped 2%, ending a six-week rally that had previously driven the benchmark index to a two-month high. Investors are now awaiting fresh catalysts as they digest signs of China's economic challenges amid ongoing trade tensions with the United States. The upcoming release of China's official PMI manufacturing index, expected to show continued contraction, has further dampened investor enthusiasm in the region.
免責聲明:投資有風險,本文並非投資建議,以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請,作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考,不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證,投資者應自行研究並在投資前尋求專業建議。