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Why Vipshop (VIPS) Stock is Tumbling Today

NEW YORK (TheStreet) -- Shares of Vipshop Holdings (VIPS - Get Report) are falling by 3.19% to $18.20 on Wednesday afternoon, as some U.S. traded China-based stocks take a hit from the decline in China's markets.

Vipshop is an online discount retailer for brands in China and is based in Guangzhou.

Stocks in China recorded their largest daily fall in over a month, Market Watch reports. The Shanghai Composite index declined by 3.1% to close at 3,320.68 and the Shenzhen index dropped by 5.9% to close at 1,889.13.

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A wider selloff was sparked after fund managers began pulling out of the technology and media sectors, which had been gaining steadily over the last few days, Market Watch added.

"When retail investors saw losses, they got scared and began selling too," Gerry Alfonso, director of trading with Shenwan Hongyuan Securities, told MarketWatch.

Separately, TheStreet Ratings team rates...