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BUSINESS & TECH

Newly Listed China-Concept Stocks Dive in New York

By Yang Ge
Weibo Corp.’s shares fell 5.7% on Wednesday in New York, joining recently listed Chinese high-flyers like online microlender Qudian Inc. and luxury e-commerce site Secoo Holding Ltd. in taking major losses as U.S. investors soured on China stocks. Photo: IC
Weibo Corp.’s shares fell 5.7% on Wednesday in New York, joining recently listed Chinese high-flyers like online microlender Qudian Inc. and luxury e-commerce site Secoo Holding Ltd. in taking major losses as U.S. investors soured on China stocks. Photo: IC

Shares of three newly U.S.-listed China-concept stocks plunged 7% or more in the latest trading session on Wall Street as social networking giant Weibo fell by nearly as much in a pullback from a recent wave of positive sentiment.

Online microlender Qudian Inc. and luxury e-commerce site Secoo Holding Ltd. both fell by 7.2% on Wednesday in New York, while after-school instruction specialist Rise Education Cayman Ltd. fell by 14.4%. On the same day, Weibo Corp. dropped 5.7% after the company announced a plan to issue $700 million in bonds and gave some preliminary third-quarter financial results.

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