Newly-listed China stocks dive in New York

Shares of three newly US-listed China-concept stocks plunged 7% or more in the latest trading session on Wall Street as social networking giant Weibo fell by nearly as much in a pullback from a recent wave of positive sentiment, Caixin reports. Online microlender Qudian Inc. and luxury e-commerce site Secoo Holding Ltd. both fell by 7.2% on Wednesday in New York, while after-school instruction specialist Rise Education Cayman Ltd. fell by 14.4%. On the same day, Weibo Corp. dropped 5.7% after the company announced a plan to issue $700 million in bonds and gave some preliminary third-quarter financial results. The declines contrast sharply with a previous headier period for most of those stocks. Qudian’s shares made their Wall Street debut last week and initially climbed 22% on their first trading day. Rise also debuted last week with a similar 15% jump on its first day. The strong debuts came after both stocks priced their IPO shares above their originally planned range.