(Bloomberg) — Shares of Chinese technology companies slumped early Wednesday after a series of negative news from the country’s consumer sector rocked U.S.-traded shares of comparable companies.

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The Hang Seng Tech Index fell 2.8% at the open, while JD.com Inc. tumbled 11% following Walmart Inc.’s sale plan. The company’s shares in the U.S. fell nearly 10% in after-hours trading. The moves came after the Nasdaq Golden Dragon Index fell nearly 4%, dragged down by Vipshop Holdings Ltd. on disappointing earnings.

Chinese stocks have held up relatively well during the recent global stock market turmoil, but the sudden drop in the Golden Dragon’s share price underscores the precarious state of the country’s assets. Walmart’s surprise exit plan underscores the risks of falls in Chinese e-commerce stocks, as any short-term rebound can be a trigger for major shareholders to reduce their holdings.

Shares of JD.com in Hong Kong rose 13% through Tuesday after the Chinese e-retailer’s second-quarter revenue and profit beat expectations. But overall earnings for technology companies have been mixed so far and far from the days of double-digit gains.

Walmart’s intentions behind the exit are unclear, but it comes at a time when Chinese retailers are locked in a fierce price war to woo consumers in an uncertain economy.

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