On July 10 (Wednesday), Eastern Time, the three major US stock indices all rose more than 1%. The S&P 500 Index rose 1.02% to 5633.91 points; the Dow Jones Index rose 1.09% to 39721.36 points; and the Nasdaq Index rose 1.18% to 18647.45 points.
On July 10, the Nasdaq Golden Dragon China Index fell 0.04%. Among popular Chinese concept stocks, XPeng Motors rose 7.46%, TSMC rose 3.54%, NIO rose 2.67%, Baidu rose 2.66%, Alibaba rose 0.41%, Pinduoduo rose 0.25%, NetEase fell 3.65%, Bilibili fell 1.22%, and JD.com fell 0.22%.
Chinese Concept Stocks on a Winning Streak
The companies on a winning streak include Cloopen Group with a latest increase of 5.48%, having risen for 11 consecutive days with a cumulative increase of 118.21%; Yatsen with a latest increase of 3.47%, having risen for 7 consecutive days with a cumulative increase of 34.59%; Liandai Technology with a latest increase of 4.42%, having risen for 7 consecutive days with a cumulative increase of 38.97%; Thunder with a latest increase of 1.92%, having risen for 6 consecutive days with a cumulative increase of 12.73%; OneConnect Financial Technology with a latest increase of 1.68%, having risen for 5 consecutive days with a cumulative increase of 15.19%; Xiao-i Robot with a latest increase of 5.58%, having risen for 5 consecutive days with a cumulative increase of 16.67%; Nisun International with a latest increase of 9.77%, having risen for 5 consecutive days with a cumulative increase of 94.43%; and U Power with a latest increase of 3.82%, having risen for 5 consecutive days with a cumulative increase of 20.92%.
Chinese Concept Stocks on a Losing Streak
The companies on a losing streak include Fanhua with a latest decrease of 0.68%, having fallen for 14 consecutive days with a cumulative decrease of 47.87%; MicroAlgo with a latest decrease of 24.86%, having fallen for 8 consecutive days with a cumulative decrease of 75.87%; Shengda Tech with a latest decrease of 0.47%, having fallen for 4 consecutive days with a cumulative decrease of 7.61%; NetEase Youdao with a latest decrease of 1.37%, having fallen for 4 consecutive days with a cumulative decrease of 6.01%; Uxin with a latest decrease of 0.54%, having fallen for 4 consecutive days with a cumulative decrease of 12.38%; and LightInTheBox with a latest decrease of 6.79%, having fallen for 4 consecutive days with a cumulative decrease of 14.37%.
Chinese Concept Stocks News
Trip.com: In the second quarter, the number of inbound airport transfer orders increased by 145% quarter-on-quarter. The 72/144-hour visa-free transit policy is continuously boosting the growth of inbound tourism. Trip.com data shows that in the second quarter of 2024, inbound tourism orders to China increased by 28% compared to the first quarter, and the demand for ground transportation services for international tourists accelerated, with inbound airport transfer orders increasing by 145% quarter-on-quarter.
JPMorgan Chase increased its long position in ZTO Express from 4.75% to 5.36%. According to HKEX documents, on July 4, JPMorgan Chase increased its long position in ZTO Express from 4.75% to 5.36%.
Alibaba reduced its stake in Cloud Music from 7.0% to 5.19%
According to HKEX documents, Alibaba reduced its stake in Cloud Music, with its holding ratio decreasing from 7.0% to 5.19%.
Alipay: In the first half of 2024, the amount spent by inbound guests increased eightfold year-on-year. As the first half of 2024 has passed, with China's visa-free 'circle of friends' further expanding, more and more inbound tourists are traveling to China, and the inbound tourism market continues to heat up. Recently, Alipay released data showing that in the first half of 2024, the amount spent by inbound guests using Alipay increased eightfold year-on-year. Since the end of 2023, the amount spent by inbound tourists from 14 countries with visa-free or mutual visa-free agreements with China increased 15-fold year-on-year in the first half of this year. In addition, the number of Chinese merchants using Alipay to do business with international tourists tripled year-on-year in the first half of the year.
Eastcompeace: Hualuyun is an associate company and has no cooperation with Baidu on the Apollo Go project. Recently, Baidu's autonomous driving mobility service platform Apollo Go has attracted significant market attention. Some investors noted that Eastcompeace and Beijing Baidu Netcom Science and Technology jointly invested in Hualuyun. Regarding whether they are involved in the Apollo Go project, a reporter contacted Eastcompeace's investor relations department as an investor. The relevant person stated, 'As far as we know, Hualuyun does not have cooperation with Baidu in this business.' The person also said, 'We don't know whether there is any technical cooperation. From the information we have, it should not have much to do with Apollo Go.' Regarding how much the autonomous driving business contributes to company revenue, the person said, 'We are not very clear. This (Hualuyun) is an associate company and is not consolidated into the company's financial statements.'