LexinFintech Holdings Ltd. (LX), a Chinese fintech company, saw its stock plummet by 9.87% during Tuesday's trading session, significantly underperforming the broader market. This sharp decline comes amid a wider sell-off in Asian equities traded as American Depositary Receipts (ADRs) in the US market.

The downward pressure on LexinFintech's stock appears to be part of a larger trend affecting Asian fintech firms. According to market data, fintech companies were among the leading decliners in the Asian ADR space, with LexinFintech and its peer Qfin experiencing notable drops of 8.4% and 8% respectively earlier in the trading day. The continued sell-off pushed LexinFintech's losses to nearly 10% as the session progressed.

This significant decline in LexinFintech's stock price reflects growing investor concerns about the fintech sector in Asia, particularly Chinese fintech companies. While the exact reasons for this sector-specific downturn were not immediately clear, it suggests that market participants may be reassessing the risks and growth prospects of these firms in the face of regulatory uncertainties and broader economic challenges in the region.