U.S.-listed Chinese companies traded sharply lower on Thursday, with all the top 10 stocks by weight in the S&P U.S. Listed China 50 index witnessing big losses.

Shares of BeiGene, Ltd., shares of Sina and shares of Baidu slumped 7.25 percent, 6.78 percent and 5.57 percent respectively, leading the decreases in the top 10 stocks of the index.

Shares of Alibaba and shares of JD.com, another two Chinese famous tech companies listed in the U.S. equity market, dropped 5.45 percent and 2.30 percent respectively on Thursday.

U.S. stocks plunged on Thursday, with the Dow plunging over 700 points, after U.S. President Donald Trump announced plans to impose tariff on imported products from China.

Despite strong warnings from business groups and trade experts, Trump on Thursday signed a memorandum that could impose tariffs on up to 60 billion U.S. dollars of imports from China, the latest unilateral move that poses a threat to global trade.

Analysts said Trump's protectionism made investors nervous and history had showed that such trade policies could harm the economy.

At the close, the Dow Jones Industrial Average decreased 724.42 points, or 2.93 percent, to 23,957.89. The S&P 500 decreased 68.24 points, or 2.52 percent, to 2,643.69. The Nasdaq Composite Index fell 178.61 points, or 2.43 percent, to 7,166.68.

The Cboe Volatility index, widely considered the best fear gauge in the stock market, surged 30.68 percent to 23.34 on Thursday.

As of Wednesday, the S&P U.S. Listed China 50 index stood at 3,349.26, marking a 3.09-percent gain for the month-to-date returns and an 8.35-percent increase for the year-to-date returns. 

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