The NASDAQ Golden Dragon China Index initially closed down 1%. Performance among popular Chinese stocks was mixed, with Vnet and Baidu leading the declines, dropping 16.8% and 12.5% respectively; Wetour surged 38.9%, and Youdao rose 5.8%. Alibaba and New Oriental EDU & Tech saw slight gains. Related ETFs such as CQQQ fell 2.5%, and KWEB dropped 0.4%

The NASDAQ Golden Dragon China Index initially closed down 1%. Among popular Chinese stocks, Vnet initially closed down 16.8%, Baidu fell 12.5%, ASE Technology Holding dropped 9.1%, GDS Holdings fell 5.1%, XPeng declined 3.6%, Li Auto dropped 2.3%, Tencent fell 0.8%, PDD Holdings rose 0.4%, New Oriental EDU & Tech gained 2.3%, Alibaba rose 2.9%, Youdao increased 5.8%, and Wetour surged 38.9%. Among ETFs, CQQQ fell 2.5%, and KWEB dropped 0.4%.