Electric car maker NIO led losses in the Chinese market on Monday as authorities locked down Shanghai from the rest of the country, causing severe disruptions to the Chinese supply chain.

NIO fell as much as 14.4% in early Hong Kong trade after the company said over the weekend that suppliers in Shanghai, neighboring Jiangsu and Jilin provinces had “successively” shut down production and would delay deliveries.

The Hang Seng China Enterprises Index of mainland stocks fell 3.6%, while China’s benchmark CSI 300 index fell 2.8%.

The broader Hang Seng Index fell as much as 3%, while the Hang Seng Technology Index fell as much as 5%.

The fall in the market points to the growing financial and economic impact of a wave of lockdowns in China, especially in Shanghai, the epicenter of the country’s worst coronavirus outbreak in two years, that has become The test of Beijing’s zero-epidemic policy.

China’s supply chain disruptions intensify fully locked Activity in China’s largest onshore financial center and largest city has stalled since April 1 as strict measures have added to the pressure on transportation and logistics.

“Shanghai is of great economic importance to both China’s domestic economy and its trade with the rest of the world,” said Johanna Chua, chief economist for Asia at Citigroup. She added that wait times for semiconductor deliveries have increased and that “Shanghai’s important trade links with East Asia could have spillover effects on regional supply chains,” especially in South Korea, Taiwan and Vietnam.

According to official figures, China reports more than 27,000 new cases every day, the vast majority in Shanghai.Complaints came after authorities said over the weekend that some communities in the city would reopen if no cases were reported for 14 days, but much of the metropolis of 25 million remained under strict lockdown get food and medicine.

The southern city of Guangzhou said over the weekend it would also begin mass testing of its 18 million residents after new cases were reported.

Zhengrong Property Group, the latest Chinese property developer to default over the weekend, blamed its failure to repay bonds on “the unforeseen scale and duration of Shanghai” and said Shanghai had suspended some operations and delayed sales and asset disposals.

Inflation data released on Monday showed consumer prices rose nearly 1 percent from a year earlier, driven largely by higher fuel costs and food prices.