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Major Chinese technology and auto stocks tumbled on Monday as renewed trade hostilities between Washington and Beijing sent jitters across Asian markets. Hong Kong's Hang Seng index plunged 2.28%, and mainland China's CSI 300 saw a decline of 0.95%.
Leading the sell-off were some of China’s most prominent companies. E-commerce giant Alibaba Group Holding Ltd.‘s (NYSE:BABA) Hong Kong-listed stock fell 3.87%, while search engine leader Baidu Inc. (NASDAQ:BIDU) saw its shares drop by 4.61%.
Other significant decliners included JD.com Inc. (NASDAQ:JD), which fell 4.78%, and Tencent Holdings, down 3.03%. The slide extended to other tech and electric vehicle firms, with Kuaishou Technology dropping 5.66%, Pinduoduo Inc. (NASDAQ:PDD) falling 5.23%, NIO Inc. (NYSE:NIO) declining 5.80%, and Li Auto Inc. (NASDAQ:LI) down by 4.50%.
| Stocks | % Change |
| Alibaba Group Holding | -3.87% |
| Baidu Inc. | -4.61% |
| JD.com Inc. | -4.78% |
| Tencent Holdings | -3.03% |
| Kuaishou Technology | -5.66% |
| Pinduoduo Inc. (Temu parent) | -5.23% |
| NIO Inc. | -5.80% |
| Li Auto Inc. | -4.50% |
The market downturn followed a fresh escalation in trade friction. According to reports, China's Ministry of Commerce on Sunday stated, “we are not afraid of” a trade war after President Donald Trump threatened to impose new retaliatory tariffs.
Beijing accused the U.S. of a “textbook double standard” following Trump’s promise of 100% tariffs after China implemented new export controls on rare earth minerals.
The negative sentiment rippled across the region, with South Korea's Kospi dropping 1.10% and Australia's S&P/ASX 200 closing down 0.84%. Markets in Japan were closed for a holiday.
In a subsequent Truth Social post, President Trump appeared to soften his stance, telling investors, “Don't worry about China, it will all be fine!”
This led to a rally in U.S. stock futures, with Dow Jones, S&P 500, and Nasdaq 1000 futures trading higher.
However, the move did little to immediately reverse the slide in Asian markets, which had already priced in the heightened risk of a prolonged trade dispute. The sell-off in Asia onMonday followed a rough session on Wall Street on Friday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Robert Way / Shutterstock.com
