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Chinese Concept Stocks | Alibaba Cloud Invests in AI Platform Dify Amid Broad Market Decline

AInvestWednesday, Aug 28, 2024 6:32 pm ET
5min read

On August 28th (Wednesday), Eastern Time, the three major U.S. stock indexes collectively closed lower. The S&P 500 Index fell 0.60% to 5592.18 points; the Dow Jones Index fell 0.39% to 41091.42 points; the Nasdaq Index fell 1.12% to 17556.03 points.


On August 28th, the Nasdaq Golden Dragon China Index fell 3.57%.

Among popular Chinese concept stocks, XPeng Motors fell 9.00%, NIO fell 7.63%, Pinduoduo fell 7.03%, Bilibili fell 5.60%, NetEase fell 3.78%, Baidu fell 2.90%, Alibaba fell 2.27%, JD.com fell 1.67%, and TSMC fell 0.78%.


Chinese Stocks on Continuous Rise

Huazhu Technology rose 7.52% for 8 consecutive days, with a cumulative increase of 53.41% during the period. Yuchai International rose 1.39% for 4 consecutive days, with a cumulative increase of 4.78% during the period. Donis rose 4.82% for 4 consecutive days, with a cumulative increase of 30.46% during the period. Fulang Group rose 2.75% for 4 consecutive days, with a cumulative increase of 17.61% during the period. Dtree Cloud rose 3.72% for 4 consecutive days, with a cumulative increase of 81.30% during the period. Fanhua Financial rose 0.83% for 4 consecutive days, with a cumulative increase of 29.41% during the period. Four Seasons Education rose 10.68% for 4 consecutive days, with a cumulative increase of 41.81% during the period. Xiaoi Robot rose 15.26% for 4 consecutive days, with a cumulative increase of 1304.52% during the period.


Chinese Stocks on Continuous Decline

Melco Resorts & Entertainment fell 6.10% for 5 consecutive days, with a cumulative decrease of 9.93% during the period. iQIYI fell 3.98% for 5 consecutive days, with a cumulative decrease of 29.55% during the period. Agora fell 9.13% for 5 consecutive days, with a cumulative decrease of 17.47% during the period. Huize fell 1.34% for 5 consecutive days, with a cumulative decrease of 12.62% during the period. MKDWELL Tech fell 6.56% for 5 consecutive days, with a cumulative decrease of 23.49% during the period. Yunji fell 4.32% for 5 consecutive days, with a cumulative decrease of 24.89% during the period. Yuehang Sunshine fell 2.57% for 5 consecutive days, with a cumulative decrease of 20.42% during the period. Ucommune fell 1.95% for 5 consecutive days, with a cumulative decrease of 6.21% during the period.


Chinese Stock News

Alibaba Cloud Computing Invests in AI Platform Dify
According to Tianyancha App, Suzhou Yuling Artificial Intelligence Technology Co., Ltd. recently underwent a business change, adding Zhejiang Alibaba Cloud Computing Co., Ltd. and Suzhou Yuan Zhixin Phase II Venture Capital Partnership (Limited Partnership) as shareholders. At the same time, the company's registered capital increased from approximately 1.1579 million RMB to approximately 1.4363 million RMB. Suzhou Yuling Artificial Intelligence Technology Co., Ltd. was established in March 2023, with Zhang Luyu as the legal representative. Its business scope includes second-class value-added telecommunications services, AI basic software development, AI application software development, AI industry application system integration services, and software development. It is currently jointly held by Zhang Luyu, Suzhou Yuxin Venture Capital Partnership (Limited Partnership), Ningbo Meishan Free Trade Port Zone Minheng Qizhi Investment Management Center (Limited Partnership), and the aforementioned new shareholders. Public information shows that the company's product, Dify, is an open-source LLMOps platform that helps developers create AI applications more easily and quickly.
Li Auto's Q2 Revenue Reaches 31.7 Billion RMB, Estimated 31.42 Billion RMB
Li Auto announced that Q2 revenue reached 31.7 billion RMB, estimated at 31.42 billion RMB. Q2 adjusted net profit attributable to shareholders was 1.5 billion RMB, a year-on-year decrease of 44%. Li Auto expects Q3 deliveries to be between 145,000 and 155,000 vehicles, estimated at 137,725 vehicles.
Taobao Launches "Seeding Plan": Fully Integrates Mainstream Content Media for Comprehensive Seeding
The 2024 Alibaba Mama Taobao Seeding Conference was held on August 27th, where the "Taobao Seeding Plan" was officially released, along with the announcement of Taobao Seeding 2024 capability upgrades and Double 11 gameplay. The Taobao Seeding Plan is a comprehensive commercial seeding solution. Taobao invests billions in cash resources, collaborating with merchants to promote full-domain seeding outside the platform and recycling within the platform to drive business growth. The plan has achieved significant upgrades in commercial mechanisms and product capabilities: not only fully integrating mainstream content media for comprehensive seeding but also optimizing algorithms on the consumer dimension and improving traffic efficiency on the merchant dimension, enhancing the efficiency of converting seeded users back to Taobao.
JD.com's Trade-in Subsidy Suspected of Address Loophole, Orders Placed in Beijing Can Be Shipped Nationwide
Recently, the "Beijing Implementation Details of Increased Support for Home Appliance Trade-in Subsidies" were released, providing up to 20% subsidies for eight categories of home appliances and computers, with a maximum subsidy of 2,000 RMB per person per product category, and up to 16,000 RMB for eight categories. The details show that the subsidy targets "individual consumers in Beijing." On August 28th, it was found that consumers could participate in this activity through the JD.com platform. After obtaining subsidy qualifications in Beijing, they could set the delivery address to a different location and still use the subsidy for purchases. As of the time of reporting, the loophole had not been closed, and JD.com had not responded.
Fliggy: Over 80% of Summer Outbound Travel is Free Travel, Domestic Car Rentals Increase by 60%
On August 28th, Fliggy released the "2024 Summer Travel Bulletin." The data shows that the per capita booking volume of high-star hotels, route tours, and car rentals has increased significantly. Domestic route tour bookings increased by double digits compared to last summer, and domestic car rental bookings increased by over 60%. For outbound travel, free travel accounted for over 80% this summer, with international cruise product transaction volume increasing by more than 20 times and international car rental product transaction volume increasing by over 5 times. Fliggy announced that as of now, nearly 1 million consumers have benefited from its "hardcore summer travel protection" series of services.
Illegal Appliance Repair Services Cluster in Map Apps, Amap and Baidu Summoned by Shanghai Consumer Protection Committee
Currently, smartphones have become the most important consumer entry point, and many consumers use internet life apps to obtain information on dining, entertainment, and repair services. Therefore, map apps have also become a hotspot for illegal appliance repair services. The Shanghai Consumer Protection Committee has summoned Amap and Baidu Map, two well-known map navigation software companies, to discuss the recent frequent irregularities in the home appliance repair service market. The focus of the meeting was on issues such as high charges, false repairs, and inaccurate merchant information in appliance repair services on these platforms.
Anhui's "Wan Shi Tong" App Implements National Network Identity Authentication, Alipay Authentication Canceled
In Anhui's government service app "Wan Shi Tong," the progress of implementing "National Network Identity Authentication" has recently made substantial progress. On the morning of August 28th, when logging into the official government service app "Wan Shi Tong" of Anhui Province, the login page displayed "National Network Identity Authentication" or "Electronic Social Security Card" in the lower left corner, replacing the previous "Alipay" authentication. Additionally, the app system prompted that the above-mentioned page does not support screenshots, stating, "Due to application restrictions, this interface cannot be captured."
Trip.com: Study Tours Continue to be Popular, Orders Surge by 175%
Trip.com released the "2024 Summer Travel Market Report." The report shows that this summer, family travel orders accounted for 35% of the total orders. Overall car rental orders increased by 22% year-on-year. On the Trip.com platform, new customers for RV self-driving tours accounted for 49%, with 65% of RV self-driving users being family groups, and the proportion of three-person, four-person, or even multi-generational family groups increased. Study tour orders surged by 175%, with domestic study tour participants doubling in number. Popular domestic study tour destinations included Beijing, Shanghai, Nanjing, Hulunbuir, and Chengdu, while overseas study tour participants increased by 120%.
YY Inc. Replaces CEO, Li Ting Succeeds Li Xueling as Chairman and CEO
YY Inc. Chief Operating Officer Li Ting has replaced Li Xueling as Chairman and CEO of YY Inc. this month, with Li Xueling continuing to serve as a director of YY Inc., providing strategic guidance and support to the company. Public information shows that Li Ting joined YY Inc. in 2011 and has served as Chief Operating Officer since 2016, participating in several important strategic transformations and growth stages of the company and being responsible for the company's daily management for a long time. In November 2023, she was appointed as a director of the board. Before joining YY Inc., Li Ting worked at Tencent.
YY Inc. Q2 Net Revenue Reaches $565.1 Million, Up 3.3% YoY
YY Inc.'s Q2 net revenue reached $565.1 million, up 3.3% year-on-year, estimated at $551.4 million. Among this, live streaming revenue was $459.7 million, down 3.6% year-on-year, estimated at $446.3 million. The company's Q2 adjusted net income per ADS was $1.17, estimated at $0.87. Q2 gross margin was 35.2%, compared to 36.1% in the same period last year, estimated at 34.6%.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.