Shares of NIO and XPeng slumped 15.17 percent and 13.51 percent, respectively, leading the losses in the top 10 stocks in the index.
Shares of Pinduoduo and Bilibili sank 11.18 percent and 10.68 percent, respectively, also among the worst performers in the top 10 stocks.
U.S. stocks plunged on Thursday as heavy selling intensified on Wall Street.
The Dow Jones Industrial Average tumbled 1063.09 points, or 3.12 percent, to 32,997.97. The S&P 500 fell 153.30 points, or 3.56 percent, to 4,146.87. The Nasdaq Composite Index shed 647.17 points, or 4.99 percent, to 12,317.69.
The Cboe Volatility Index, widely considered as the best fear gauge in the stock market, spiked 22.74 percent to 31.20.
As of Wednesday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 2,448.51, marking a 4.01-percent gain for the month-to-date returns and a 17.79-percent loss for the year-to-date returns.
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