News Snapshot:
Chinese car stocks may have captured investors’ hearts in 2021, but they have only inflicted pain – to the tune of almost US$400 billion in losses – this year, as extended lockdowns damage supply chains and imperil the demand outlook. Shares of the three leading Chinese electric vehicle (EV) start-ups, Nio , Xpeng and Li Auto , have suffered steep losses ranging from 17 to 50 per cent in Hong Kong this year. Across the car industry, related stocks mirrored the slump. An MSCI index tracking Chinese companies related to energy storage and autonomous vehicles has fallen 39 per cent...
