Selloff in U.S.-Listed China Stocks Worsens on Covid, Growth Fears

An artificial intelligence (AI) robot in front of the the Baidu logo at the company's headquarters in Beijing. Photo: Bloomberg

(Bloomberg) — Chinese stocks listed in the U.S. tumbled for a fifth day, taking the Nasdaq Golden Dragon China Index lower for its longest losing streak since April, as investors assess the country’s bleak economic outlook and Beijing’s persistent Covid-zero policy.

The Golden Dragon fell 3.4% Tuesday, after plunging as much as 5.4%. It has declined 15% in the past five sessions and closed at its lowest level since March 15, when China announced a strong push to stabilize its markets and sparked a rally. Among large-cap tech companies in the index, Alibaba Group Holding Ltd. lost 4.9%, Baidu Inc. dropped 5.6%, Pinduoduo Inc. slid 4.4% and JD.com Inc. slipped 2.8%.