2023-06-20 16:32:27 ET
Chinese stocks lost ground in Tuesday's trading, and Bilibili (NASDAQ: BILI) , Huya (NYSE: HUYA) , and RLX Technology (NYSE: RLX) were among the names caught in the pullback. The companies' share prices closed out the daily trading session down 8.5%, 6.7%, and 7.2%, respectively, according to data from S&P Global Market Intelligence .
As part of an effort to bolster the country's economic recovery, the People's Bank of China announced today that it would be cutting lending rates. Unfortunately, the rate cut came in lower than the market anticipated and triggered broad sell-offs for Chinese stocks.
While there wasn't any negative business-specific news for Bilibili, Huya, or RLX today, it looks like the macroeconomic backdrop in China isn't shaping up the way that investors had hoped.
For further details see:
Why Bilibili, Huya, and RLX Technology Shares Sank Today