Chinese Concept Stocks | BlackRock's Pinduoduo Stake Mix-Up Spurs Market Reaction
5min read On October 22 (Tuesday) Eastern Time, the three major U.S. stock indexes showed fluctuating trends. The S&P 500 Index fell by 0.05% to 5851.20 points; the Dow Jones Index dropped 0.02% to 42924.89 points; and the Nasdaq Index increased by 0.18% to 18573.13 points.
On October 22, the Nasdaq Golden Dragon China Index rose by 0.94%.
Regarding popular Chinese stocks, Pinduoduo rose by 2.92%, XPeng Motors by 1.85%, JD.com by 1.69%, NIO by 1.56%, Bilibili by 1.34%, Baidu by 0.39%, while TSMC fell by 1.71%, Alibaba by 0.51%, and NetEase by 0.31%.
Several Chinese stocks are on a rising streak. Tianyan Pharmaceuticals increased by 5.93% for seven consecutive days, amounting to a 34.91% rise during the period. Zai Lab rose by 2.93% over six days, totaling a 16.59% increase. ECARX increased by 0.92% over five days, with a 7.30% rise. Yatsen Holding grew by 0.55% over five days, adding up to a 6.38% rise. Mindong Red Group surged by 7.44% for four days, resulting in a 134.75% increase. MKDWELL Tech climbed by 2.94% over four days, amounting to a 6.52% increase. Color Star rose by 2.56% over four days, with an 11.73% rise. HiWi Metal Processing surged by 29.59% over four days, totaling a 32.29% increase.
Some Chinese stocks are on a declining streak. Vipshop fell by 0.14% for nine consecutive days, resulting in a 15.71% decrease. LakeShore Biopharma dropped by 12.07% over six days, totaling a 32.72% decline. MicroCloud Hologram fell by 2.91% over five days, leading to a 23.32% decrease. Antelope Enterprise Holdings declined by 4.94% over five days, resulting in a 27.54% drop. Yunxuetang fell by 0.88% over four days, leading to a 13.68% decrease. Kandi Technologies dropped by 2.04% over four days, amounting to a 12.20% decline. Vowker Medical fell by 3.39% over four days, leading to a 7.56% decrease. Hauwei fell by 1.64% over four days, resulting in a 21.47% decline. Sanke Intelligent dropped by 12.12% over four days, totaling a 57.04% decrease. Solar Power fell by 2.67% over four days, leading to a 25.00% decrease.
Chinese Stock News
BlackRock's Increase in Pinduoduo Shares: Possible Error
On Tuesday, Pinduoduo's stock price soared sharply before falling back. According to documents disclosed on October 21, BlackRock significantly increased its holdings in Pinduoduo from 29 million shares in Q2 to over 132 million shares, equivalent to 9.5% of the total share capital. However, BlackRock later announced an adjustment, reducing its holdings to about 33 million shares, accounting for 2.4% of the share capital. Note: Each Pinduoduo ADS represents four Class A ordinary shares.
Qualcomm CEO Predicts AI Smartphones for Everyone in 5 Years
The CEO of Qualcomm stated that within five years, everyone will have AI smartphones.
Alipay's "Touch" Feature Debuts on HarmonyOS
On October 22, Huawei officially released HarmonyOS NEXT. The native version of Alipay on HarmonyOS introduced the "Touch" payment feature. The new app has been updated in the Harmony App Market. With further optimization, the "Alipay Touch" feature's fluency improved by over 30%, and the overall performance of the new app increased by 15%.
BlackRock Significantly Increases Pinduoduo Holdings to 132 Million Shares
According to documents disclosed by the SEC on October 21, BlackRock significantly increased its holdings in Chinese e-commerce Pinduoduo from roughly 29 million shares in Q2 to about 132 million shares, equivalent to 9.5% of the total share capital.
Ant Group's Chen Liang: Native Harmony Alipay Has Launched Millions of Mini Programs
On October 22, during the Harmony Night and Huawei's Full-Scene New Product Launch in Shenzhen, Chen Liang, Vice President of Ant Group, introduced the development of the native Harmony Alipay, which started on December 7, 2023, iterating over ten versions, and officially launched on October 8 this year. The upgraded native Harmony Alipay for the first time achieved the "Touch" payment experience, with fluency improved by over 30% compared to HarmonyOS 4.2. Additionally, the native Harmony Alipay launched millions of mini-programs and over a hundred lifestyle services, covering various scenarios such as payments, dining, and travel.
XPeng Huitian's "Land Aircraft Carrier" Completes First Manned Flight
XPeng Huitian recently completed the first manned test flight of the "Land Aircraft Carrier," with founder Zhao Deli initiating the "5000 km Executive Test Flight" plan. XPeng Huitian plans to conduct the first global public flight on November 12, 2024, during the China Airshow opening day, displaying the automatic separation and integration process of the land and flight modules.
XPeng Motors Denies Private Negotiations with EU
Following recent media interviews by He Xiaopeng at the Paris Motor Show regarding tariff issues, there were rumors that XPeng Motors had private negotiations with the EU, "backstabbing" the Chinese automotive industry. XPeng Motors responded to the media. However, the market remains skeptical, as XPeng's response stated "no private agreements with the EU," while the China Chamber of Commerce indicated the EU was negotiating price commitments with individual companies, suggesting possible private negotiations without agreements. A spokesperson clarified, "XPeng has not engaged in private negotiations with the EU."
Li Auto to Release Q3 Financial Report on October 31
Li Auto announced it would release its third-quarter financial report on October 31. Following the report, the company will hold a performance meeting at 20:00 on the same day.
Philippines Seeks Cooperation with TSMC and UMC to Expand Chip Manufacturing
Dan Lachica, head of a major Philippine electronics industry organization, stated that the Philippines is seeking cooperation with companies like TSMC and UMC to expand chip manufacturing. Lachica expressed hope that companies like TSMC or UMC would consider deploying depreciated equipment in the Philippines in exchange for training Filipino workers to participate in global operations.
Tmall Double 11 Brands Surge! Over 12,000 Brands See Sales Growth Over 100% in Four Hours
On October 21 at 8 PM, the 2024 Tmall Double 11 officially commenced sales, with brand products experiencing a surge. A total of 174 brands achieved sales exceeding 100 million, and over 12,000 brands saw sales growth over 100%, with nearly 6,000 brands growing over 500%.
TSMC Reports Worker Death at Hsinchu Plant
TSMC reported that a worker died at its Hsinchu plant.
Tmall Double 11 Debuts on XR Platform, Introducing 3D Red Packet Rain
This year, Tmall Double 11 will launch simultaneously on three platforms: the mobile Taobao and Tmall apps, the PC Taobao web version, and the XR Taobao Vision Pro version. This marks the first time Double 11 will be available on the XR platform, signifying the entry into the era of spatial computing. Additionally, the Taobao Vision Pro version will launch the first-ever 3D red packet rain during Double 11.
NIO Registers NIO World Model Trademark
According to Qichacha App, NIO Automobile Technology (Anhui) Co., Ltd. recently applied to register three "NIO World Model" text and graphic trademarks, classified internationally as scientific instruments, with current trademark status pending registration application. In July, NIO officially released the NIO World Model (NWM), an intelligent driving world model capable of understanding full data, long-term scenario simulation, and decision-making abilities, predicting 216 potential scenarios within 100 milliseconds to find optimal decisions.
Li Auto's Weekly Sales Reach 12,100 Units in the 42nd Week of 2024 (10.14-10.20)
In the 42nd week of 2024 (10.14-10.20), Li Auto's weekly sales reached 12,100 units, maintaining its position as the top new power brand in China's market for 26 consecutive weeks.
KFC Stores in Tianjin Under Investigation
To ensure consumers' right to know and choose, the Food Safety Law requires prominent labeling of genetically modified foods in production and operation. During inspections, market regulators discovered that some KFC outlets used genetically modified food in the catering process without informing consumers. The edible oil was seized on-site for further investigation and handling. Multiple market regulatory bureaus found that KFC outlets in their jurisdictions used the same brand of genetically modified soybean oil without informing consumers, leading to an investigation into the alleged illegal activities.
Sports and Outdoor Brands Surge in Tmall Double 11
At 8 PM on October 21, Tmall Double 11 officially launched sales, with leading brands in the sports and outdoor industry, such as FILA, Nike, Adidas, The North Face, Anta, Camel, Lululemon, Jordan, Descente, Li-Ning, Skechers, and New Balance, achieving sales over 100 million in the first hour. Emerging outdoor brands showed stronger momentum, with KOLON reaching last year's four-hour sales in 38 minutes. After the first hour, Salomon's sales increased by over 60%, On Running and Wilson by over 40%, and Hoka One One by over 20%. According to QuestMobile's "2024 New Middle-Class Insights Report," the new middle-class user base across the internet reached 257 million, with sports apparel and outdoor gear as high-explosive categories for new middle-class consumption.
