Li Auto Inc (NASDAQ:LI), Nio Inc – ADR (NYSE:NIO) and Xpeng Inc – ADR (NYSE:XPEV) shares are all falling Friday afternoon. Shares of Chinese companies are trading lower following the tightening of COVID-19 restrictions in some Chinese cities. Chinese stocks have also been under pressure on concerns over Xi consolidating power amid his third term.
What Happened?
Cities in China ranging from Wuhan in central China to Xining in the north-west are doubling down on COVID-19 curbs, reported Reuters.
According to an annual survey, optimism among U.S. businesses in China has declined to record low levels, dragged by competitive, economic, and regulatory challenges along with the ongoing zero-COVID policies…Read More
See Also: What’s Going On With Apple Shares
What Happened In China Last Weekend?
Xi Jinping secured his third term in power on Sunday by winning re-election as general secretary of the Chinese Communist Party.
The Central Committee of the Chinese Communist Party (CCP) elected Xi as its general secretary for a precedent-breaking five-year term, according to a Reuters report. Jinping was first elected in 2012 and will complete his 10-year tenure this year.
The CCP also named a seven-member Politburo Standing Committee (PSC) led by Jinping, its inner circle of power dominated by the party leader’s allies…Read More
According to data from Benzinga Pro:
- LI is trading lower by 7.74% to $13.82
- NIO is trading lower by 5.21% to $9.46
- XPEV is trading lower by 9.71% to $6.64
