Three major reasons: 1. In the context of the Russia-Ukraine conflict, there is a shortage of automotive semiconductors, postponements of delays, and price increases.

Some automakers, including Volkswagen, Ford, Renault, Toyota and BMW, have also closed factories in Russia.

2. Allianz China A-share Fund, the largest overseas Chinese stock fund, reduced its holdings in CATL by 10.56% in January 2022.

3. In the news, there is a rumor that China Pharmaceuticals is cooperating with a multinational pharmaceutical company on new coronavirus treatment drugs.

Chinese concept stocks refer to the collective name given by foreign investors to all Chinese stocks listed overseas.