Shares of Nio Inc. were suffering a third-straight loss toward a two-month low Thursday, as part of a broad selloff in the U.S.-listed stocks of China-based companies.
The selloff comes after data overnight that showed China’s exports dropped 8.8% from a year ago, a sign of continued weak demand for products made in China.
While August’s decline was better than the 10% drop expected by economists, and marked an improvement from the 14.5% drop in July, it still marked the fourth-straight month that exports fell. The Shanghai SE Composite Index CN:SHCOMP closed overnight down 1.1% and Hong Kong’s benchmark Hang Seng Index HK:HSI slid 1.3%.
The drop in exports comes at a time of growing concerns of trade tensions between the U.S. in China. After U.S. Commerce Secretary Gina Raimondo visited Beijing last week, reports surfaced this week that China had banned government officials from using Apple Inc.’s
In the U.S., the Invesco Golden Dragon China ETF PGJ, which tracks U.S.-exchange listed companies based in China, dove 3.9% in midday trading with 66 of its 74 equity components losing ground. The ETF sank 6.3% amid a three-day losing streak.
The ADS of PDD Holdings Inc.
Another PGJ heavyweight, shares of e-commerce giant Alibaba Group Holding Ltd.
Country Garden Holdings Co. Ltd.’s U.S.-listed stock
Elsewhere, shares of video- streaming platform Bilibili Inc.
Meanwhile, the PGJ has gained 3.4% over the past three months, while the S&P 500 index SPX has tacked on 4.4%.