Electric carmaker Nio led Chinese markets lower on Monday as traders grappled with severe supply chain disruptions in China caused by authorities cordoning off Shanghai from the rest of the country.
Nio fell as much as 14.4 per cent in morning trading in Hong Kong after saying at the weekend that suppliers in Shanghai, neighbouring Jiangsu province and Jilin had suspended production “one after the other” and that it would postpone deliveries.
The Hang Seng China Enterprises index of mainland Chinese stocks was down 3.6 per cent and China’s benchmark CSI 300 index of Shanghai- and Shenzhen-listed shares shed 2.8 per cent.
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