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Alibaba stock keeps sinking toward a 6-year low, Nio stock also dives as Chinese ADRs continue selloff

The American depositary receipts (ADRs) of China-based companies continued their dive Tuesday, as upbeat economic data out of China wasn’t enough assuage macroeconomic concerns, including fears of a fallout from Russian’s invasion of Ukraine after the U.S. warned China not to support Russia. Shares of e-commerce giant Alibaba Group Holding Ltd. sank 4.5% in premarket trading, putting them on track to open at the lowest price seen during regular-session hours since March 2016. The stock suffered through a rough stretch in recent weeks, as it has plunged 38.4% over the past 18 sessions in which it has declined 16 times. The iShares MSCI China ETF dropped 4.0% premarket toward the lowest open since December 2016, and has tumbled 27.8% over the previous 18 sessions. Meanwhile, futures for the S&P 500 rose 0.6%. Among other more-active Chinese ADRs, electric vehicle maker Nio Inc. dove 6.6% toward a 19-month low, Pinduoduo Inc. shed 2.2%, iQIYI Inc. slumped 2.4%, JD.com Inc. declined 3.4% and XPeng Inc. slid 4.8%.

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