Chinese Concept Stocks | Alibaba and Bilibili Slump Over 10% as Nasdaq Golden Dragon China Index Falls 5.24%

On February 24 (Monday) Eastern Time, the three major U.S. stock indices showed mixed trends. The S&P 500 index fell 0.50%, closing at 5983.25 points; the Dow Jones index rose 0.08%, closing at 43461.21 points; and the Nasdaq index fell 1.21%, closing at 19286.92 points.

On February 21, the Nasdaq Golden Dragon China Index rose 1.65%. Among popular Chinese concept stocks, Pinduoduo fell 8.81%, JD.com fell 7.33%, NetEase fell 4.20%, Baidu fell 3.74%, TSMC fell 3.30%, Alibaba fell 10.25%, Bilibili fell 10.04%, NIO fell 1.58%, and XPeng Motors fell 1.55%.

Eureka Acquisition saw a latest price change of 0.05% with a 29-day consecutive rise and a cumulative rise of 0.89% over this period. Kandi Technologies rose 8.86% over 8 days with a cumulative rise of 57.80%. Yuchai International rose 15.80% over 6 days, with a cumulative increase of 106.60%. 111 Group rose 0.36% over 6 days, with a cumulative increase of 14.15%. Cheche Technology rose 26.43% over 4 days, with a cumulative increase of 34.35%. Paimingxincheng rose 2.70% over 4 days, with a cumulative increase of 12.71%. Zhengkang International rose 1.04% over 4 days, with a cumulative increase of 8.99%.

Cango saw a recent price change of -10.34% with a 9-day consecutive decline and a cumulative decline of -28.41% over this period. Kuke Music fell 3.62% over 7 days, with a cumulative decline of -37.00%. iClick Interactive fell 6.49% over 6 days, with a cumulative decline of -15.19%. TSMC fell 3.32% over 5 days, with a cumulative decline of -6.01%. Opera Browser fell 5.51% over 5 days, with a cumulative decline of -15.32%. Dajian Cloud Warehouse fell 3.59% over 5 days, with a cumulative decline of -11.97%. Xunlei fell 2.88% over 5 days, with a cumulative decline of -14.37%. Jinsheng Games fell 4.08% over 5 days, with a cumulative decline of -33.80%. Inlife Holding fell 9.47% over 5 days, with a cumulative decline of -86.53%. Libang Kitchenware fell 11.88% over 5 days, with a cumulative decline of -30.54%.

The Nasdaq Golden Dragon China Index closed down 5.24%, with Alibaba falling over 10%. Most popular Chinese concept stocks fell, with the Nasdaq Golden Dragon China Index closing down 5.24%. Up Fintech Holding fell over 13%, Alibaba and Bilibili fell over 10%, Futu Holdings fell over 9%, Pinduoduo fell nearly 9%, JD.com and New Oriental fell over 7%, iQIYI fell nearly 7%, NetEase and Li Auto fell over 4%, and Baidu fell nearly 4%.

Pinduoduo has formed multiple large model teams internally for competitive evaluation. Pinduoduo has formed an e-commerce recommendation large model team internally, with the person in charge formerly a core member of Baidu's Phoenix Nest. According to sources, this person had an annual salary in the tens of millions at Baidu, and Pinduoduo has offered a significant package, several times what they earned at Baidu. Another source mentioned that Pinduoduo recruited a group of people from Baidu last year to work on large model-related projects. Currently, Pinduoduo's large model products are divided into several applications: price comparison system, recommendation, advertising, search, and customer service, with continuous investment in these areas. Each group's large model team competes with each other, and the results determine the benefits.

According to insiders, the "food delivery riders" mentioned by JD.com in their recent announcement refer to riders from the Dada platform. Currently, JD.com's food delivery service is handled by Dada platform riders. JD Group announced that, considering the current average salary of food delivery riders is far lower than that of JD couriers, for the sake of salary fairness, JD.com will bear all costs of the five social insurances and housing fund for full-time food delivery riders in the future, ensuring that riders' cash income will not decrease due to these contributions. This measure includes both existing and new riders.

Yunsai Zhilian has issued a volatility announcement, stating that its main business includes cloud services and big data, industry solutions, and intelligent products, with no significant changes. The company cooperates with Alibaba Cloud and Tencent Cloud in cloud services, including jointly providing services to customers. In 2023, revenue from cloud service cooperation with these two companies accounted for about 1% of the company's total revenue, with no significant impact on the company's performance. Cooperation in 2024 and beyond has not changed significantly.

JD Group announced that, considering the current average salary of food delivery riders is far lower than that of JD couriers, for the sake of salary fairness, JD.com will bear all costs of the five social insurances and housing fund for full-time food delivery riders in the future, ensuring that riders' cash income will not decrease due to these contributions. This measure includes both existing and new riders. In the future, JD Group will vigorously promote equal pay for equal work, gradually improve the welfare of food delivery riders, and significantly reduce management costs through integrated management, allowing full-time food delivery riders and JD couriers to become a large employment group with stable income, happiness at work, and retirement security. Previously, JD Group took the lead in paying the five social insurances and housing fund for existing and new full-time JD food delivery riders, and providing accident insurance and health medical insurance for part-time riders. As JD became the first platform to pay the five social insurances and housing fund for food delivery riders, more companies began to pay attention to and follow up on rider protection. JD is willing to continue working with all parties to continuously improve rider rights protection.

According to reports, TSMC's second wafer plant in Kumamoto, Japan, may have delayed construction but is still scheduled to start production in 2027. TSMC's Japanese subsidiary, JASM, plans to build a second wafer plant in Kumamoto. The company stated that construction will begin in 2025, possibly later than the initially determined first quarter.

TSMC's Kumamoto plant's operating subsidiary, JASM, plans to build a second wafer plant in Kumamoto. The company stated that construction will begin in 2025, possibly later than the initially determined first quarter. Despite this, the wafer plant is reportedly still scheduled to start production in late 2027.

Baidu's app has fully launched a new AI entrance and integrated the capabilities of the Wenxin large model and DeepSeek model, releasing a newly upgraded version. This upgrade incorporates intelligent experiences such as "AI search," "full network information extraction," "pinch AI summary," and "digital human intelligent body," achieving a more personalized search experience, richer content services, and broader product boundaries.

Recently, XPeng Motors held the 255th batch overseas shipment ceremony at Nansha Auto Terminal in Guangzhou Port, shipping the first batch of 300 right-hand drive XPeng X9 cars to global markets. It is reported that XPeng Motors aims to cover 60 countries and regions by 2025, build over 300 overseas service outlets, rank among the top three global new energy exports by 2027, and achieve half of its sales overseas by 2033.

A "Digital Platform Youth Side Business Entrepreneurship and Employment Expert Seminar" co-hosted by the Tsinghua University G20 Entrepreneurship Research Center and Xianyu was recently held. At the meeting, Zhu Yuan, the head of Xianyu's side business, stated that over the past year, the side business economy on Xianyu has experienced explosive growth, with young people widely engaging in side businesses using their skills and interests. Data shows that in 2024, the daily order volume of Xianyu's side business doubled year-on-year, with daily transaction amounts exceeding 10 million yuan, ranking first in order volume growth among all industries with a scale exceeding 100 million on the platform.

XPeng Motors' official Weibo announced an acceleration of the globalization process, proposing a leading strategic direction in the global market: covering 60 countries and regions by 2025, ranking among the top three global new energy exports by 2027, and achieving half of its sales overseas by 2033. The 2025 Turing AI driving will start global adaptation, pushing China's ten years of driving experience to the world, and the ultra-fast charging network will begin global deployment.

Industry sources report that NVIDIA's latest Blackwell architecture GPU chips have strong demand, with NVIDIA securing over 70% of TSMC's advanced CoWoS-L packaging capacity this year, with shipments increasing by more than 20% quarter-on-quarter.

Baidu Group announced on the morning of February 24 on the Hong Kong Stock Exchange that it has appointed Liu Xiaodan to replace Brent Callinicos as the new independent director and chairman of the audit committee, effective February 23, 2025.