Shares of several Chinese companies, including Li Auto Inc (NASDAQ:LI) and XPeng Inc - ADR (NYSE:XPEV), are trading lower amid overall market weakness. COVID-related restrictions in certain parts of China are also possibly impacting the sector.
Shares of several Chinese stocks have seen ongoing weakness in recent sessions amid a COVID-19 outbreak in the country which has caused some business operations to cease. Shares of Asia-Pacific stocks have also seen weakness in March as Russia-Ukraine tensions weigh on trader and investor sentiment.
Chinese stocks may also be seeing weakness in sympathy with Pinduoduo Inc - ADR (NASDAQ:PDD), which is trading lower after the company reported fourth-quarter financial results.
Pinduoduo reported quarterly sales of $4.27 billion which missed the analyst consensus estimate of $4.76 billion by 10%. This sales figure represents a 5% increase over sales of $4.07 billion the same period last year. Pinduoduo also reported quarterly earnings of 92 cents per share which beat the analyst consensus estimate of 35 cents.
Li Auto is trading lower by 7.80% at $25.99.
XPeng is trading lower by 6.06% at $27.04.
