NIO (09866.HK) shares plunged 12.52% in early trading on Monday, as Hong Kong's technology sector faced a severe sell-off. The sharp decline in NIO's stock price came amid a broader market downturn, with the Hang Seng Tech Index plummeting 11% at the open.
The sell-off was not limited to NIO, as other major tech companies also experienced significant losses. Alibaba and BYD matched NIO's 13% drop, while Xiaomi saw a 12% decline. Other tech giants such as Tencent and JD.com fell by 11%, and Meituan was down 8%. The widespread nature of the sell-off suggests a sector-wide issue rather than company-specific concerns for NIO.
This market turbulence reflects growing investor concerns about the tech sector's valuation and potential regulatory challenges. As one of the prominent electric vehicle manufacturers listed in Hong Kong, NIO's stock performance is closely tied to both the tech sector's dynamics and the broader economic outlook. Investors will be closely monitoring further developments in the Hong Kong market and any potential recovery in the coming trading sessions.
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