Alibaba Group Holding Ltd (NYSE:BABA), NIO Inc (NYSE:NIO) and Pinduoduo Inc (NASDAQ:PDD) shares are trading lower Thursday alongside several other Chinese stocks as COVID-19 cases continue to climb in China causing prolonged lockdown measures in Shanghai.
According to a Bloomberg report, China is banning flights at the fastest pace since January amid the rising COVID-19 cases. Six airlines were reportedly issued one-week bans within four days.
The surge in cases has led U.S. companies in China to reduce 2022 projections. The increased uncertainty is weighing on several Chinese stocks.
See Also: Nio's Autonomous Driving Systems Head Said To Be Leaving The Company: Here's Why
On Wednesday, Citigroup analyst Alicia Yap maintained Alibaba with a Buy rating and lowered the price target from $200 to $177.
BABA, NIO, PDD Price Action: At time of publication, Alibaba is down 3.92% at $103.47, Nio is down 7.15% at $20.13 and Pinduoduo is down 6.49% at $42.36.
According to data from Benzinga Pro, several other Chinese stocks are falling in Thursday's trading session.
Photo: courtesy of Alibaba.
