Bilibili (NASDAQ: BILI) was one of China's hottest growth stocks. The Chinese gaming, streaming media, and e-commerce company's stock hit an all-time high of $156.37 on Feb. 10, 2021 -- marking a 1,260% gain from its initial public offering (IPO) price of $11.50 in 2018. At the time, the bulls were impressed by its rapid growth and popularity among China's Gen Z internet users as a destination for anime, comic, and gaming fans. That interest was amplified by the buying frenzy in growth and meme stocks.

But today, Bilibili trades at just $19. The stock fizzled out as China's economic slowdown, tighter regulations for online games, and intermittent COVID-19 lockdowns throttled its growth. Rising interest rates and the unresolved delisting threats for U.S.-listed Chinese stocks made it even less appealing to U.S. investors.

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