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U.S.-listed Chinese stocks, including Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU), PDD (NASDAQ:PDD), Nio (NYSE:NIO), and XPeng (NYSE:XPEV), extended losses amid escalating geopolitical tensions between Beijing and Washington.
This market pressure intensified after China tightened its rare earth export controls on Thursday, a strategic move ahead of upcoming trade talks. The new regulations, which add five new elements and expand oversight for semiconductor users, aim to bolster Beijing’s control over these critical materials.
The new rules also mandate foreign manufacturers using Chinese equipment or materials to obtain licenses, mirroring U.S. sanctions and suggesting a shift toward separate global supply chains, Reuters reported.
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China is a dominant force in this sector, supplying over 90% of the world’s processed rare earths and magnets, which are essential for manufacturing products from electric vehicles to military radar systems.
Simultaneously, China has launched a nationwide customs crackdown on Nvidia’s (NASDAQ:NVDA) AI chips. Customs officers at major ports have been mobilized to conduct stricter inspections of semiconductor imports.
The initial focus targeted Nvidia’s China-specific H20 and RTX Pro 6000D processors, which were designed to comply with U.S. export controls. However, these inspections have since expanded to include all advanced chips to prevent smuggling and false declarations.
This crackdown follows directives from Beijing’s Cyberspace Administration, which instructed major tech firms like ByteDance and Alibaba to halt orders and testing of Nvidia products.
In response, Chinese authorities are accelerating domestic semiconductor production to replace the company’s chips. As Nvidia CEO Jensen Huang has stated, the company already factors in “China zero” revenue in its guidance, noting that a full export ban could ultimately hurt U.S. firms more than their Chinese competitors.
Price Action: BABA stock was trading lower by 2.41% to $169.50 premarket at last check Friday. BIDU fell 2.52%, NIO declined 0.94%, XPEV dropped 2.49%, and PDD slipped 1.79%.
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