Chinese Concept Stocks | Alibaba Surpasses Pinduoduo in Market Value Amid Stock Swings

On August 23 (Friday) Eastern Time, the three major U.S. stock indexes all rose by more than 1%. The S&P 500 index rose 1.15% to 5634.61 points; the Dow Jones index rose 1.14% to 41175.08 points; and the Nasdaq index rose 1.47% to 17877.79 points.

On August 23, the Nasdaq Golden Dragon China Index rose 0.28%. Among the popular Chinese stocks, Alibaba rose 2.98%, TSMC rose 2.90%, NIO rose 2.38%, Bilibili rose 15.28%, XPeng Motors rose 1.38%, JD.com rose 0.71%, Pinduoduo fell 4.97%, NetEase fell 0.21%, and Baidu fell 0.11%.

Rising Chinese Stocks

Among the continuously rising Chinese stocks, Meihua International rose 2.97% for 7 consecutive days with a cumulative increase of 13.02%; Mingzhu Logistics rose 3.23% for 7 consecutive days with a cumulative increase of 22.54%; Meiwutian Technology rose 2.36% for 7 consecutive days with a cumulative increase of 20.18%; Deswell Industries rose 0.82% for 6 consecutive days with a cumulative increase of 8.41%; EHang Holdings rose 5.37% for 5 consecutive days with a cumulative increase of 29.55%; Huaxin Technology rose 10.42% for 5 consecutive days with a cumulative increase of 33.84%; Hongli Steel Structure rose 7.06% for 5 consecutive days with a cumulative increase of 24.66%.

Falling Chinese Stocks

Among the continuously falling Chinese stocks, Yatsen Holding fell 3.46% for 6 consecutive days with a cumulative decrease of 11.38%; XChange fell 2.22% for 5 consecutive days with a cumulative decrease of 16.98%; Hutchison China MediTech fell 3.52% for 4 consecutive days with a cumulative decrease of 6.55%; Zhongliang Holdings fell 0.47% for 4 consecutive days with a cumulative decrease of 3.60%; X3 Holdings fell 5.41% for 4 consecutive days with a cumulative decrease of 8.38%; TopChoice Medical fell 1.00% for 4 consecutive days with a cumulative decrease of 6.97%; Global Mofei fell 0.53% for 4 consecutive days with a cumulative decrease of 3.13%; China Jo-Jo Drugstores fell 5.88% for 4 consecutive days with a cumulative decrease of 17.10%.

Chinese Stock News

Alibaba's Market Value Surpasses Pinduoduo
With Alibaba's 2% rise and Pinduoduo's 4.5% drop, Alibaba's market value has surpassed Pinduoduo.
Oriental Selection Announces Annual Results: Owner's Profit Attributable to Shareholders Increases 77% to 1.7195 Billion Yuan
Oriental Selection announced its annual results for the year ended May 31, 2024. Total revenue was about 7.073 billion yuan, an increase of 56.82% year-on-year; owner's profit attributable to shareholders was 1.7195 billion yuan, an increase of 77% year-on-year; adjusted profit was about 2.181 billion yuan, an increase of about 100% year-on-year; basic earnings per share were 1.68 yuan.
Skyworth Digital: Aurora Box 5Pro Developed with Tencent Supports Cloud Gaming for Titles like "Black Myth: Wukong"
Skyworth Digital stated on its interactive platform that the flagship multifunctional smart box 5Pro jointly developed and sold with Tencent features an 8-core A76+A55 architecture chip, 8nm process, 2.4GHz main frequency, 8GB RAM + 128GB flash memory, 6TCPU+NPU AI computing power, supporting full 8K video decoding and output, making it the flagship model in the box market; it supports HDR Vivid picture quality, AI picture quality enhancement from 4K to 8K, 4K @ 120fps high refresh rate output, providing high-definition and smooth viewing experience; supports Dolby surround sound, lossless transmission, providing a stereoscopic and powerful auditory experience; the system and content can run on the Android 12.0 system, with a vast amount of genuine content from Tencent built-in. This smart box also has Tencent START cloud gaming built-in, allowing for smooth gameplay of popular games with low latency, such as "Black Myth: Wukong", "King of Fighters 14", "Honkai: Star Rail", "Genshin Impact", NBA, "Chinese Paladin: Sword and Fairy 7", etc.
SK Hynix, TSMC, and NVIDIA to Collaborate on Next-Generation HBM Development
According to reports, SK Hynix will announce a closer collaboration plan with TSMC and NVIDIA at the Semicon Taiwan in September, focusing on the development of next-generation HBM technology to further grasp key components of AI servers.
KFC Responds to App Crash
On the morning of the 23rd, some users on social media reported that the KFC App "crashed", with issues such as "system lost" and "congestion ahead" when ordering. KFC's official customer service stated on the morning of the 23rd that they had not received any notification of issues with the App. If the ordering system showed "system congestion", it might be due to too many people ordering in a short period. The customer service mentioned, "Currently, KFC's joint meal with 'Love and Deep Space' is on sale, but it requires a reservation and is limited in quantity, which might cause the ordering page to show out of stock. Some users keep refreshing the page, leading to system lag and delay."

Alibaba: Adding Hong Kong as a Primary Listing Venue, Will Complete Dual Primary Listing on August 28
Alibaba announced on the Hong Kong Stock Exchange that the voluntary change of its secondary listing on the Hong Kong Stock Exchange to a primary listing will take effect on August 28, 2024. Upon the effective date, the company will be dual primary listed on the Hong Kong Stock Exchange and the New York Stock Exchange, and the stock marker "S" will be removed from the company's stock abbreviation on both the Hong Kong dollar and RMB counters on the Hong Kong Stock Exchange. This voluntary conversion to dual primary listing does not involve any new share issuance or fundraising by the company.
Zhihu: Net Loss Narrows to 246 Million Yuan in the First Half
Zhihu announced on the Hong Kong Stock Exchange that its total revenue for the first half of the year was 1.894 billion yuan, a year-on-year decrease of 7.1%; net loss was 246 million yuan, compared to a net loss of 458 million yuan in the same period last year. As of June 30, 2024, the platform had accumulated 830.9 million pieces of content, an increase of 16.8% year-on-year.