Most of the popular Chinese stocks fell, with the Nasdaq China Golden Dragon Index falling 3.84%, the largest single-day drop since February 25. Kingsoft Cloud fell more than 10%, NIO fell more than 8%, ZTO Express, Xpeng Motors, and Zeekr fell more than 7%, iQiyi, Alibaba, JD.com, Baidu, etc. fell more than 4%, Manbang, Ctrip, and Beike fell more than 3%, Tencent Music, Li Auto, and TAL fell more than 2%; Pinduoduo rose about 4%.