Headwinds from the Chinese economy and slowing retail sales growth may affect Alibaba’s fiscal second-quarter earnings when it releases figures on Thursday.

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Shares of US-listed Chinese stocks fell on Monday as investors reassessed their positions amid renewed delisting fears.

Last week, the Securities and Exchange Commission identified five US-listed US depository receipts for Chinese companies that failed to comply with the Foreign Holding Company Accountability Act, sending shares of some Chinese companies down. ADRs are shares of non-US companies that are traded on US stock exchanges.

The law allows the Securities and Exchange Commission (SEC) to delist and even ban companies from trading on US exchanges if regulators have not been able to review the company’s audits for three consecutive years. Yum China, BeiGene and Zai Lab, which recently submitted annual reports to the agency, are on the list.

Big stock names including Alibaba, Baidu and JD.com fell more than 10%, 8% and 10%, respectively, on Monday. Alibaba shares fell 12 percent last week, down more than 34 percent since the beginning of the year, while Baidu tumbled 14 percent, down 27 percent since the beginning of the year.

JPMorgan Chase analysts cut the ratings of JD.com, Alibaba and Pinduoduo to underweight on Monday amid the selling.

“Given the high geopolitical and macro risks, we believe that a large number of global investors are in the process of reducing exposure to the Internet sector in China, which leads to significant fund outflows from this sector,” the analysts wrote. “We believe that Alibaba, as one of the most widely held stocks in China’s Internet sector, will continue to face stock selling pressure in the near term.”

The Chinese market is generally down amid a new Covid-19 lockdown in Shenzhen, where many of the country’s tech giants operate. Foxconn, one of Apple’s largest suppliers, closed its operations in response. Apple stock traded nearly 2% lower in pre-market trading on Monday.

Some investors have also begun to assess the implications of possible Chinese involvement in the war in Ukraine after several news outlets, including the Financial Times, reported that US officials said Russia may have asked China for military assistance.

– CNBC channel Bob Pisani And the Eustance Huang Contribute to this report.