Nasdaq Golden Dragon China Index falls 2%; Baidu down 8.98%

The sharp single-day drop in a broad China ADR basket, led by a near-9% fall in a major internet name, points to sector-wide selling rather than stock-specific news. This affects holders of US-listed Chinese equities and signals risk-off sentiment toward Chinese tech exposure. The key watch is whether this is a one-off repricing or the start of sustained pressure, and whether other large caps follow Baidu's move.