Chinese concept stocks index drops more than 1% in early trading, Baidu, Nio, and Xiaopeng all fell at least 2%.

Nasdaq Golden Dragon China Index fell 1.2% in early trading. Among popular Chinese concept stocks, Baidu dropped 2.6%, Nio fell 2.2%, Xiaopeng and New Oriental fell by up to 2%, while Alibaba, NetEase, and Ideal fell by up to 0.88%. Pinduoduo, JD.com, Yum China, TSMC, Wenyuan Zhixing, and Fangdd are currently up by at most 1.52%. In ETFs, CQQQ dropped 0.98%, KWEB fell 0.82%.