Why Li Auto And XPeng Stock Are Trading Lower

Li Auto Inc LI and XPeng Inc - ADR XPEV shares are trading lower by 3.58% to $17.24 and 6.06% to $7.28, respectively, during Monday's session. Shares of Chinese companies are trading lower amid an outbreak of COVID-19 in the country resulting in restrictive measures which impact economic activity.

What Happened?

Chaoyang, which is Beijing's most populous district, has asked residents to stay at home on Monday, extending a call from the weekend as the city's COVID-19 case numbers rose. The country's first COVID-related death in Beijing also spurred worries of more severe restrictions, according to Bloomberg.

China kept its benchmark lending rates unchanged for the third straight month, with the one-year loan prime rate maintained at 3.65%, while the five-year LPR was unchanged at 4.30%...Read More

According to data from Benzinga Pro:

• LI has a 52-week high of $41.49 and a 52-week low of $12.52
• XPEV has a 52-week high of $56.45 and a 52-week low of $6.18