YMM - Why Shares of Nio Full Truck Alliance and Lufax Are Falling Today
Several Chinese stocks fell today as rising COVID-19 cases in the country concerned investors about more lockdowns and restrictive policies that have damaged the Chinese economy all year.
Shares of the Chinese electric car maker Nio (NYSE: NIO) traded roughly 3.7% lower as of 10:51 a.m. ET today. Meanwhile, shares of the digital freight platform Full Truck Alliance (NYSE: YMM) traded nearly 8.4% down and shares of the fintech company Lufax Holding (NYSE: LU) had plummeted roughly 22.5%.
Chinese stocks have been on the rise lately after the Chinese government rolled out a pretty comprehensive plan to aid the struggling real estate market in China, which contributes a lot to the overall economy. Investors also seem to think that Chinese President Xi Jinping and his administration have turned a corner when it comes to regulatory policy toward Chinese tech stocks.
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Why Shares of Nio, Full Truck Alliance, and Lufax Are Falling Today