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YMM - Why Shares of Alibaba Full Truck Alliance and KE Holdings Fell Today
Full Truck Alliance Co. Ltd. American Depositary Shares (each representing 20 Class A)
Chinese stocks trading on U.S. exchanges continued to struggle today amid broader economic concerns in the country and rising COVID cases.
In fact, the Nasdaq Golden Dragon China Index, which tracks many popular stocks, fell 7.3% today and hit its lowest mark in roughly nine years, according to Bloomberg .
Shares of the large e-commerce company Alibaba (NYSE: BABA) fell roughly 6.6% today, while shares of the digital freight company Full Truck Alliance (NYSE: YMM) fell close to 7%. Meanwhile, shares of the real estate platform KE Holdings (NYSE: BEKE) ended the day down more than 8%.