Uxin, the online used vehicle platform based out of China, has seen their stock shares continually fluctuating throughout the past month. At the beginning of December the stock rose after news that Unix would be teaming up with Alibaba on their Taobao marketplace. Since then the stock has lost most of that one time gain in the previous week thanks to concerns over China's overall weakening economy and larger downward market trends.
That trend continued today, as Uxin shares were down 19.6% as of 12:04 p.m. EST.
There wasn't any company-specific news out on Uxin today, but the stock seemed to fall in tandem with the broader Chinese market after the Shanghai Composite closed down 1.2% and the Hong Kong-based Hang Seng lost 2.8% recently. Signs showed that economic growth continued to slow as a key purchase managers index, which measures manufacturing activity, fell from 50.2 in November to 49.7 in December. Any number below 50 represents a contraction rather than an expansion, and it's the second data point this week to show China's manufacturing sector contracting.
The CSI 300, China's benchmark stock index, was the worst-performing one in the world out of the major indexes last year, falling 27%, and 2019 could be in for another rough year if the economy continues to slow down.
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