NIO Inc NIO shares are trading lower Monday amid a resurgence in COVID-19 cases in China.
Recent outbreaks have caused casinos, among other businesses, to close in Macau. Fears that new lockdowns could be implemented are crippling China-based stocks today.
Several Chinese stocks are also trading lower following reports that China has imposed fines on some big tech companies for failure to comply with anti-monopoly rules on the disclosure of transactions.
Additionally, China's automobile industry association reportedly lowered its auto sales outlook.
The State Administration for Market Regulation (SAMR) released a list over the weekend of 28 past M&A deals that violated anti-monopoly rules. Some big tech firms including Alibaba Group Holding Ltd BABA and Tencent Holdings TCEHY were reportedly hit with fines.
Related Link: Alibaba, Tencent Fined By Chinese Regulator Over Non-Compliance With Anti-Monopoly Rules
NIO Price Action: Nio has traded between $47.38 and $11.67 over a 52-week period.
The stock was down 8.37% at $20.71 at press time, according to data from Benzinga Pro.
Photo: courtesy of Nio.
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