iQiyi Inc. (IQ) shares tumbled 6.08% in pre-market trading on Monday, as Chinese stocks face significant pressure across the board. The streaming platform's stock decline comes amid a wider sell-off affecting Chinese companies listed on U.S. exchanges.
The downward trend is evident in the performance of the FTSE China A50 Index Futures, which saw a decline of nearly 4%. This bearish sentiment has spilled over to Chinese ETFs and ADRs trading in the U.S. market, creating a challenging environment for companies like iQiyi.
Other major Chinese stocks also experienced substantial losses in overnight trading. Notable declines include YINN, which plummeted 11%, and PDD Holdings, which fell 7%. Tech giants and automakers were not spared, with XPeng dropping 6%, while JD.com and Li Auto both declined by 5%. E-commerce leader Alibaba also saw its shares fall by 4%, underscoring the widespread nature of the sell-off affecting Chinese equities.
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