Ten firms were heavily sold down on Tuesday, dominated by Chinese companies amid renewed calls to delist the concerned firms from the US stock exchanges.

The drop defied a broader market optimism, with Wall Street’s major indices finishing with strong gains during the day on news that the US and European Union are ramping up trade negotiations.

The tech-heavy Nasdaq was up the most by 2.47 percent. The S&P 500 followed with a 2.05 percent increase, while the Dow Jones grew 1.78 percent.

In this article, let us focus on the performance of the 10 worst performers and explore the reasons behind their drop.

To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.

10. Hims & Hers Health Inc. (NYSE:HIMS)

Hims & Hers Health saw its share prices drop by 2.68 percent to close at $53.36 apiece as investors sold off positions amid the lack of catalyst to boost buying appetite.

Just recently, Hims & Hers Health Inc. (NYSE:HIMS) announced a new promotion for the blockbuster weight loss drug Wegovy.

According to the company, eligible customers are now able to access six months of “prescription-only” Wegovy at a new and affordable price for $549 per month. The promotion is currently offered for a limited time.

It can be learned that Wegovy was among the drugs that Hims & Hers Health Inc. (NYSE:HIMS) created a knockoff version following the supply shortage over the past few years.

In the first quarter of the year, Hims & Hers Health Inc. (NYSE:HIMS) said net income expanded by 344 percent to $49.48 million from the $11.13 million registered in the same period last year.

Revenues increased by 111 percent to $586 million from $278 million year-on-year.

9. ZIM Integrated Shipping Services Ltd. (NYSE:ZIM)

ZIM Integrated dropped its share prices by 2.88 percent on Tuesday to finish at $17.53 apiece as investors sold off positions while digesting the company’s cautious business outlook for the rest of the year.

“As we look toward the remainder of the year, the operating environment is highly uncertain, driven by a range of factors impacting global trade and economic expectations. For ZIM, our focus is on controlling what we can and responding to market shifts quickly with decisive actions,” said ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) President and CEO Eli Glickman.

“We continuously assess how to best allocate capacity and have taken steps to modify our network to match the changes in cargo flow from China and other Southeast Asian markets into the United States, including within the last week, which underscores the agile nature of our commercial strategy.”

In recent news, ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) said net income increased by 222 percent to $296 million from $92 million in the same period last year.

Revenues grew by 28 percent to $2.01 billion from $1.56 billion year-on-year.

8. XPeng Inc. (NYSE:XPEV)

XPeng declined by 3.35 percent on Tuesday to finish at $19.33 apiece, as investors sold off positions to mitigate risks from renewed calls of delisting Chinese companies, while continuing to digest news of lower electric vehicle prices amid heavy competition.

Last week, giant EV-maker BYD announced that it was offering discounts on 22 of its electric and plug-in hybrid models until the end of June. The news triggered concerns of a cut-throat competition in the electric vehicle industry.

In recent news, XPeng Inc. (NYSE:XPEV) achieved a 331-percent expansion in vehicle deliveries in the first quarter of the year, at 94,008 from 21,821 in the same period last year.

Net loss narrowed to 660 million yuan from 1.37 billion yuan in the same period in 2024, while revenues increased by 141.5 percent to 15.81 billion yuan from the same period a year ago.

Meanwhile, top Republican financial officers from 21 states have asked Securities and Exchange Commission Chairman Paul Atkins, through a letter dated May 20, to review the possibility of delisting Chinese firms from US exchanges in a bid to protect US investors.

The companies were accused of not complying with federal audit requirements, audit deficiencies, crackdowns on firms that do due diligence research on Chinese companies, alleged stock manipulation, as well as national security concerns.

7. NIO Inc. (NYSE:NIO)

NIO dropped for a sixth consecutive day on Tuesday as investors disposed of shares in electric vehicles following a giant EV-maker’s move to markedly slash its vehicle prices, while mitigating risks amid renewed calls to delist Chinese companies.

Last week, BYD announced discounts on 22 of its electric and plug-in hybrid models until the end of June, fanning the flames of a cut-throat competition in the electric vehicle industry.

Last month, NIO Inc. (NYSE:NIO) said it delivered 23,900 vehicles, representing a 53 percent growth from the 15,620 vehicles in the same month last year.

The deliveries consisted of 19,269 vehicles from NIO’s premium smart electric vehicle brand NIO, 4,400 vehicles from NIO’s family-oriented smart electric vehicle brand ONVO, and initial deliveries of NIO’s small smart high-end electric car brand Firefly. Cumulative deliveries reached 737,558 as of April 30, 2025.

Meanwhile, top Republican financial officers from 21 states have asked Securities and Exchange Commission Chairman Paul Atkins, through a letter dated May 20, to review the possibility of delisting Chinese firms from US exchanges in a bid to protect US investors.

The companies were accused of not complying with federal audit requirements, audit deficiencies, crackdowns on firms that do due diligence research on Chinese companies, alleged stock manipulation, as well as national security concerns.

6. MP Materials Corp. (NYSE:MP)

MP Materials dropped its share prices by 4.67 percent to finish at $18.77 as investors disposed of positions to flock to higher-yielding stocks such as nuclear and AI amid promising growth prospects for the said industries.

In the first three months of the year, MP Materials Corp. (NYSE:MP) swung to a net loss of $22.6 million from a net income of $16.5 million in the same period last year, primarily due to a $46.3 million non-cash gain in the first quarter of 2024 associated with the early extinguishment of a portion of convertible notes due in 2026.

Revenues, however, were higher by 25 percent to $60.8 million from $48.68 million year-on-year, primarily driven by higher production of separated products, resulting in a greater mix of NdPr oxide and metal revenue in the current period.

MP Materials Corp. (NYSE:MP) is the only fully integrated rare earth producer in the United States, with capabilities spanning the entire supply chain—from mining and processing to advanced metallization and magnet manufacturing.

5. D-Wave Quantum Inc. (NYSE:QBTS)

D-Wave Quantum saw its share prices decline by 6.65 percent on Tuesday to close at $17.55 apiece as investors soured on the company’s announcement that the US was lagging behind other countries in quantum annealing.

Quantum annealing is a specific type of quantum computing for finding optimal solutions to optimization problems by leveraging quantum phenomena such as superposition and quantum tunneling.

D-Wave Quantum Inc.’s (NYSE:QBTS) comment followed the launch of its new quantum computer, said to be capable of solving problems beyond the capabilities of a classical GPU-based supercomputer.

Called the Advantage2, the new computer is capable of addressing real-world use cases in areas such as optimization, materials simulation, and artificial intelligence (AI).

Customers are now able to access the Advantage2 system through D-Wave Quantum Inc.’s (NYSE:QBTS) LeapTM real-time quantum cloud service, which is available in more than 40 countries and offers 99.9 percent availability and uptime, sub-second response times, and SOC 2 Type 2 compliance to meet enterprise needs and security requirements.

4. TAL Education Group (NYSE:TAL)

TAL Education dropped its share prices by 7.46 percent on Tuesday to close at $10.17 apiece as cautious investors continued to sell off positions amid renewed calls for the delisting of Chinese companies from US stock exchanges.

According to a report by Financial Times, top Republican financial officers from 21 states have asked Securities and Exchange Commission Chairman Paul Atkins, through a letter dated May 20, to review the possibility of delisting Chinese firms from US exchanges in a bid to protect US investors.

The companies were accused of not complying with federal audit requirements, audit deficiencies, crackdowns on firms that do due diligence research on Chinese companies, alleged stock manipulation, as well as national security concerns.

While headquartered in China, TAL Education Group (NYSE:TAL) chose the US stock exchange to list publicly.

TAL Education Group (NYSE:TAL) is an education services company that is investing heavily in Artificial Intelligence in a bid to bolster its modern learning products and services.

3. Harmony Gold Mining Company Limited (NYSE:HMY)

Harmony Gold saw its share prices tumble by 8.78 percent on Tuesday to finish at $14.45 apiece following news that it is set to acquire MAC Copper Ltd. (NYSE:MTAL) for $1.03 billion.

According to the company, the acquisition would be fully paid in cash. Through the Australian firm, it would accelerate its strategic shift into the copper industry.

Under the transaction, Harmony Gold Mining Company Limited (NYSE:HMY) would buy MAC Copper’s shares at a price of $12.25 apiece. The amount represented a 21-percent premium from its closing price on Friday, or prior to the announcement.

Upon closing of the transaction, Harmony Gold Mining Company Limited (NYSE:HMY) would gain full ownership of MAC Copper’s only asset, the CSA copper mine in central western New South Wales, one of Australia’s highest grade and oldest operating copper mines.

2. Trump Media & Technology Group Corp. (NASDAQ:DJT)

Trump Media fell by 10.38 percent on Tuesday to end at $23.05 apiece as investors soured on its plans to raise $2.5 billion through the issuance of more shares to invest in Bitcoin.

According to the company, it plans to raise $1.5 billion from selling shares, while the remaining $1 billion will be raised through convertible notes priced at a 35-percent premium.

Meanwhile, the Bitcoins will be held on Trump Media & Technology Group Corp.’s (NASDAQ:DJT) balance sheet alongside existing cash and short-term investments totaling $759 million.

Crypto platforms Crypto.com and Anchorage Digital will provide custody for the Bitcoin holdings.

“We view bitcoin as an apex instrument of financial freedom,” said Trump Media & Technology Group Corp. (NASDAQ:DJT) CEO Devin Nunes.

He also hailed the move as a “big step forward” in the firm’s plan to acquire “crown jewel assets consistent with America First principles.”

1. PDD Holdings Inc. (NASDAQ:PDD)

PDD Holdings nosedived for a second day on Tuesday, losing 13.64 percent to finish at $102.98 apiece following a dismal earnings performance in the first quarter of the year, dented by the ongoing global trade war.

In a statement, PDD Holdings Inc. (NASDAQ:PDD) said net income attributable to shareholders declined by 47 percent to 14.74 billion yuan from the 27.99 billion yuan registered in the same period last year.

Total revenues, on the other hand, increased by 10 percent to 95.67 billion yuan from 86.8 billion yuan in the same comparable period.

“As communicated previously, a slowdown in growth rate is expected as our business scales and challenges emerge. This trend has been further accelerated by the changes in the external environment in the first quarter,” said PDD Holdings Inc. (NASDAQ:PDD) Vice President for Finance Jun Liu.

“Our financial results may continue to reflect the impact of sustained investments in the ecosystem as we support merchants and consumers through uncertain times,” she added.

PDD Holdings Inc. (NASDAQ:PDD) is the operator of the e-commerce platform Temu.

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