China-related stocks give back gains due to lack of details on stimulus measures

China-related stocks in the consumer sector fell sharply lower on Tuesday after a lack of details from Beijing officials on stimulus measures rattled investors. Government officials said they were confident in reaching economic targets this year and promised to further support growth, but did not unveil any new measures. “We are fully confident in achieving the annual economic and social development targets,” stated National Development and Reform Commission Chairman Zheng Shanjie.

That left analysts and investors questioning the level of commitment from Beijing. “Ultimately, for the rally to be sustainable, we need to see more fiscal policy and more measures to support the economy and the property market,” noted OCBC Managing Director Vasu Menon.

Notable decliners in early trading on Tuesday included QuantaSing Group (NASDAQ:QSG) -14.3%, Dada Nexus (NASDAQ:DADA) -12.1%, Tuniu Corp (TOUR) -11.2%, Gaoto Techedu (GOTU) -11.2%, Dingdong (DDL) -11.1%, Baozun (BZUN) -9.0%, Xpeng (NYSE:XPEV) -8.9%, Li Auto (LI) -8.6%, NIO (NIO) -8.4%, JD.com (JD) -8.0%, Vipshop (VIPS) -7.3%, Trip.com (TCOM) -7.8%, and Smart Share Globsal (EM) -6.0%.