November 22, 2024 at 02:50 am EST
(MT Newswires) -- Chinese stocks slid on Friday after the country's commerce ministry said it is willing to negotiate with the US and boost bilateral economic and trade relations following threats of tariff hikes.
The Shanghai Composite Index, the main gauge of Chinese stocks, slid 3.06% or 103.21 points, to 3,267.19. The Shenzhen Component Index fell 3.52%, or 381.16 points, to 10,438.72.
Chinese Vice Commerce Minister Wang Shouwen said the country is willing to talk with the US, adding the country will be able to withstand an impending tariff increase promised by President-elect Donald Trump, Reuters reported Friday.
Both countries could keep its economy and trade follow sustainable development trends, Wang said during a press briefing.
Economists polled by Reuters already said they believe the US will impose tariffs on China by as much as 40%, and that Trump will not go full-blast with the 60% he promised during the campaign to help American businesses.
In IPO news, Shenzhen Uniconn Technology (SHE:301631) closed 184% higher at 206.99 on its first trading day. The Chinese electrical connection component manufacturer opened 181% higher at 205 yuan than its offer price of 72.99 yuan.
Meanwhile, Chinese robotaxi firm Pony.AI upsized its initial public offering on the Nasdaq, offering up to 20,000,000 American depositary shares at up to $13 per ADS instead of the 15,000,000 ADSs it initially offered.
Coffee giant Starbucks said it is considering strategic partnerships to help grow its business in China as sales have dipped for three straight quarters.
Sumber : MT Newswires
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