Alibaba stock drops toward 6 1/2-year low, as weak data in China clips U.S. shares of China-based companies

The U.S.-listed shares of China-based companies took a broad beating in early trading Monday, after data showing factory and services activity in China contracted in October. The iShares China Large-Cap ETF dropped 3.1% in premarket trading, putting them on track to open at the lowest price seen during regular-session hours since October 2008. Ecommerce giant Alibaba Group Holding Ltd.’s stock shed 1.5% ahead of the open toward a 6 1/2-year. Electric vehicle maker Nio Inc. shares shed 1.4% premarket, while shares of fellow EV makers XPeng Inc. slumped 4.8% toward a record low and Li Auto Inc. slid 3.7%, also into record-low territory. Elsewhere, shares of Bilibili Inc. lost 2.6%, Pinduoduo Inc. gave up 1.3% and JD.com Inc. lost 2.1%.

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