LONDON (Reuters] – Chinese listed companies in New York declined sharply Tuesday, as fears over the second-largest country’s economy grew. The rise in COVID-19 cases has fueled concerns and sent listed mainland Chinese businesses in Hong Kong to their lowest levels since 2008.

China’s giant firms Alibaba (NYSE:), JD(NASDAQ:).com and Nio (NYSE/), Baidu (NASDAQ/), Gaotu Techedu, Bilibili and Bilibili (NASDAQ/) fell between 4.5% to 6% during premarket U.S. trades.

Exchange-traded funds that are exposed to Chinese securities suffered severe losses as well. KraneShares CSI China Internet ETF, iShares MSCI China ETF and iShares China Large Cap ETF all fell between 3%-7%.

China reported a dramatic rise in COVID-19-related infections per day on Tuesday. The number of new cases more that doubled over a single day was a record for the past two years. It raises concern about rising costs and the difficulty to manage the disease.

JPMorgan Chase & Co (NYSE:) downgraded 28 Chinese stocks listed in the United States and Hong Kong on Monday, sending the tech giants listed in Hong Kong tumbling more than 8% on Tuesday.

“As the Russia-Ukraine conflict continues, we believe global investors are increasingly nervous about geopolitical risks to China as more and more country and corporates impose sanctions on Russia,” JPMorgan Chase & Co said.

China was also feared to be offering economic assistance for Russia, which has been hit hard by sanctions over its invasion of Ukraine.

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In the decade’s busiest trading days, July 2015 was the worst Hang Seng benchmark day.

Hang Seng Tech Index is down 22% from Friday. The U.S. Securities Exchange Commission has identified Chinese companies who will be delisted if the company does not give access to audit records.

Andrea Cicione (head of strategy, TS Lombard) stated that “in the near term it’s a market driven by policy and the policy hasn’t changed in my view to be more constructive on Chinese stocks.”