{"id":47372,"date":"2023-08-11T18:40:27","date_gmt":"2023-08-11T22:40:27","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/nio-and-alibaba-shares-sink-weighed-down-by-country-gardens-financial-woes-and-downbeat-china-data\/"},"modified":"2023-08-11T18:40:29","modified_gmt":"2023-08-11T22:40:29","slug":"nio-and-alibaba-shares-sink-weighed-down-by-country-gardens-financial-woes-and-downbeat-china-data","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47372","title":{"rendered":"Nio and Alibaba shares sink, weighed down by Country Garden\u2019s financial woes and downbeat China data"},"content":{"rendered":"
\n

The U.S.-listed shares of China-based companies suffered a broad beating Friday as property developer Country Garden Holdings Co.\u2019s financial troubles cast a pall on the group.<\/p>\n

The Invesco Golden Dragon China exchange-traded fund
\n PGJ,<\/span>
\n which tracks U.S.-exchange listed companies headquartered in China, dropped 4.2% in morning trading, with 65 of 73 components losing ground. In comparison, the S&P 500
\n SPX
\n slipped 0.3%.<\/p>\n

\n

Also hurting investor sentiment toward the group was that new loans issued in July by banks in China tumbled to 345.9 billion yuan (equivalent to $47.93 billion) from 3.05 trillion yuan in June, compared with expectations of a decline to 800 billion yuan, as Dow Jones Newswires reported, an indication of weak credit demand.<\/p>\n

That follows other data out of China warning of an economic downturn, including the first drop in consumer prices in two years a larger-than-expected drop in both exports and imports.<\/p>\n

Also read:<\/strong> \u2018Alarming\u2019 China data upsets global stock markets<\/p>\n

Among the most-active American depositary shares (ADS) of China-based companies, Nio Inc.\u2019s
\n NIO,
\n -2.64%<\/bg-quote>
\n dropped 4.3%. The electric-vehicle maker\u2019s stock has shed 14.4% amid a four-day losing streak, and has tumbled 18% since it closed at a 10-month high on Aug. 3.<\/p>\n

Alibaba Group Holding Ltd.\u2019s
\n BABA,
\n -3.52%<\/bg-quote>
\n stock slumped 4%. That followed a 4.6% surge on Thursday, after the e-commerce giant reported fiscal first-quarter results that rose above expectations.<\/p>\n

The U.S.-listed shares of Country Garden
\n CTRYF,
\n -3.15%<\/bg-quote><\/p>\n

2007,
\n -5.77%<\/bg-quote>
\n plunged 14.8%, after the embattled property developer warned of a potential loss of billions of dollars in the first half of the year following a credit downgrade on the back of missed bond payments.<\/p>\n

Elsewhere in the U.S., shares of EV maker XPeng Inc.
\n XPEV,
\n -2.98%<\/bg-quote>
\n shed 4.6%, while video- streaming platform Bilibili Inc.\u2019s
\n BILI,
\n -5.43%<\/bg-quote>
\n stock slid 5.7%, e-commerce company JD.com Inc.\u2019s
\n JD,
\n -5.27%<\/bg-quote>
\n gave up 5.9%, mobile-marketplace company PDD Holdings Inc.\u2019s
\n PDD,
\n -3.74%<\/bg-quote>
\n dropped 4.3%, EV maker Li Auto Inc.\u2019s
\n LI,
\n -5.55%<\/bg-quote>
\n lost 5.8% and real-estate services platform KE Holdings Inc.\u2019s
\n BEKE,
\n -2.63%<\/bg-quote>
\n declined 2.9%.<\/p>\n

The Golden Dragon ETF tacked on 7% over the past three months, while the S&P 500 gained 7.9%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S.-listed shares of China-based companies suffered a broad beating Friday as property developer Country Garden Holdings Co.\u2019s financial troubles cast a pall on the group. The Invesco Golden Dragon China exchange-traded fund PGJ, which tracks U.S.-exchange listed companies headquartered in China, dropped 4.2% in morning trading, with 65 of 73 components losing ground. In […]<\/p>\n","protected":false},"author":1,"featured_media":47373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-47372","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nNio and Alibaba shares sink, weighed down by Country Garden\u2019s financial woes and downbeat China data | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The U.S.-listed shares of China-based companies suffered a broad beating Friday as property developer Country Garden Holdings Co.\u2019s financial troubles\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=47372\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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