The S&P/BNY Mellon's China ADR Index .BKCNC, which tracks U.S.-listed Chinese firms including Alibaba Group Holding BABA, JD.com JD.O and Baidu Inc BIDU.O, is down roughly 10% so far this week, having tumbled nearly 40% since mid-February. Morgan Stanley said in a research report that the move is negative to Chinese American Depositary Receipts (ADRs) that are already suffering from Beijing's tighter internet regulations, and simmering concerns of rising inflation, which bodes ill for growth stocks. The sharp fall had been partly driven by China's deepening anti-monopoly campaign, and uncertainly around rising yields amid heightened inflation expectations.