On Wednesday, most popular Chinese concept stocks closed down.

Popular Chinese concept stocks experienced a general decline on Wednesday, with the Nasdaq Golden Dragon Index dropping over 2%. JD.com and Futu both dropped over 3%, while Alibaba, Pinduoduo, NetEase, and Tencent Music all fell over 1%. Li Auto plummeted over 8%, Xiaopeng fell over 6%, and NIO dropped over 5%.