I know it's in the human nature to find someone or sth to put the blame on when things go south, but unless backed by strong evidence all these conspiracy theories, Chinese selling down the stock and other nonsense I read here is just a waste of time and loss of effort. All they do is to blur the picture and hide the important real facts behind layers of irrelevant stories. What happened with ASN share price was completely normal given its price behaviour in general and from TA perspective. In the chart below I've made a comparison between ASN and PLS, you can see that on 10/8 they made a sharp move up and now that they spat it all out due to the decline in the global battery index we see equilibrium in the price. We didn't have this sharp decline in some other Li companies such as LKE and CXO simply because they didn't make any spikes in the price to give it up in the first place.
Somebody said it here nicely yesterday that the important real facts backing the Li stocks is still in place ( EV revolution, building massive storage facilities for renewable energy and etc), which were the reason why most of us (if not all of us) bought into these stocks. So picturing some upset Chinese guy sitting at his desk selling down his ASN shares to protect his integrity not only wont change anything, but also is the most ridiculous thing i've ever heard.
A couple of years ago I was very positive on the future of cryptocurrencies as the future of money when bitcoin was trading less than 8 thousand dollars and then I read in the news that chinese government banned the usage of cryptocurrencies and I changed my mind, at least it made me believe that we are still too far from that future and it's not worth the speculation from now and see what happened to their price less than two years later, even though the Chinese government is not still fond of bitcoin.
A final piece of advice, if everyday fluctuations of the price plays with your mood it's because of two reasons, either you haven't done your due diligence to know what your risks and expectations are, or you are too exposed to a single stock or industry, or both. In either case there's always time to fix it.
GLTA
(20min delay)