KE Holdings Inc. (NYSE: BEKE), a leading integrated online and offline platform for housing transactions and services in China, saw its stock price plunge 9.71% in pre-market trading on Monday. This sharp decline comes amid a broader selloff in Chinese stocks, reflecting growing concerns about the Chinese market.
The downward pressure on BEKE appears to be part of a larger trend affecting Chinese equities. The FTSE China A50 Index Futures continued its descent, falling by nearly 4%, indicating widespread negative sentiment towards Chinese stocks. This market weakness has impacted various sectors, from e-commerce to electric vehicles, with several major Chinese companies experiencing substantial losses in overnight trading.
Other notable declines include Pinduoduo (PDD) falling 7%, JD.com and Li Auto both dropping 5%, and tech giant Alibaba declining by 4%. The most severe impact was felt by leveraged ETFs, with YINN, a 3x leveraged China ETF, plummeting by 11%. This widespread decline across Chinese ADRs and ETFs suggests a significant shift in investor sentiment towards Chinese equities, likely contributing to KE Holdings' pre-market plunge.
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