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The Nasdaq Golden Dragon China Index initially closed down 1.3%. Among popular Chinese concept stocks, Kingsoft Cloud and Pony.ai initially closed down over 8%, Li Auto fell over 6%, Canadian Solar, JD.com, Baidu, JinkoSolar, Alibaba, Beike, and Nio fell over 2%. Daqo New Energy rose 1.9%, Zai Lab rose 4.7%, and Yatsen Holding rose 5%
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