Chinese Concept Stocks | Cathie Wood's ARK Buys Alibaba for First Time in Four Years Amid AI Advancements

On September 23rd (Tuesday), Eastern Time, the three major U.S. stock indices collectively closed lower. The S&P 500 index fell by 0.55%, closing at 6656.92 points; the Dow Jones index dropped by 0.19%, closing at 46292.78 points; the Nasdaq index decreased by 0.95%, closing at 22573.47 points.

On September 23rd, the Nasdaq Golden Dragon China Index decreased by 2.22%.

Regarding popular Chinese concept stocks, TSMC rose by 3.73%, NetEase increased by 0.39%, NIO edged up by 0.07%, Baidu declined by 8.10%, Bilibili fell by 4.02%, JD.com dropped by 2.92%, Alibaba decreased by 0.72%, XPeng Motors fell by 0.68%, and Pinduoduo slightly decreased by 0.04%.

Several Chinese concept stocks continued to rise. The companies include 17 Education & Technology up by 0.48% for eight consecutive days, with a cumulative increase of 58.40%. SOS Limited rose by 14.50% for six consecutive days, with a cumulative increase of 40.49%. Microvast Holdings increased by 7.01% for five consecutive days, with a cumulative gain of 27.55%. Hoboken Holdings rose by 5.17% for five consecutive days, with a cumulative increase of 8.93%. OneConnect Financial Technology increased by 3.02% for four consecutive days, with a cumulative gain of 4.90%. Nabet rose by 2.09% for four consecutive days, with a cumulative increase of 19.31%. Burning Rock Biotech increased by 1.77% for four consecutive days, with a cumulative gain of 11.00%. LiXiang Education rose by 11.81% for four consecutive days, with a cumulative increase of 32.51%. Yunxuetang increased by 1.01% for four consecutive days, with a cumulative gain of 9.41%. Haite Network rose by 3.89% for four consecutive days, with a cumulative increase of 11.31%. Wangdao Technology increased by 2.16% for four consecutive days, with a cumulative gain of 7.58%. Mindong Red Group rose by 43.77% for four consecutive days, with a cumulative increase of 134.98%. Huafu Education increased by 2.21% for four consecutive days, with a cumulative gain of 9.47%.

Several Chinese concept stocks continued to fall. Dingdong Maicai dropped by 1.93% for six consecutive days, with a cumulative decline of 8.56%. Zhengye Biotech fell by 19.98% for six consecutive days, with a cumulative decrease of 34.61%. Mobile Finance decreased by 0.44% for six consecutive days, with a cumulative decline of 12.88%. 111 Inc. dropped by 1.63% for five consecutive days, with a cumulative decrease of 19.85%. SKYMON Solar fell by 10.67% for five consecutive days, with a cumulative decline of 26.49%. Senmiao Technology decreased by 2.54% for five consecutive days, with a cumulative decline of 13.86%.

"Cathie Wood's fund has repurchased Alibaba Group Holding Limited's stock for the first time in four years, as the stock surged to multi-year highs due to Alibaba's progress in the artificial intelligence field. Ark Investment Management's daily trading report shows that on Monday, two of the company's exchange-traded funds purchased Alibaba's American Depositary Receipts (ADR). According to the fund's holdings report, these stocks are valued at approximately $16.3 million. On Tuesday, Alibaba's ADR price reached its highest level since November 2021, nearly doubling year-to-date. Investors are increasingly betting that the internet giant's efforts in AI could revive its growth momentum.

Tianhong Fund announced on September 23rd that its largest money market fund, Tianhong Yu'e Bao, decided to lower the fund's custody fee from an annual rate of 0.08% to 0.07%, effective from September 23rd. This is the first fee reduction since the fund's inception 12 years ago. Public information shows that Tianhong Zengli Bao Money Market Fund was established on May 29, 2013 (later renamed "Tianhong Yu'e Bao") and launched on Alipay on June 13, 2013, becoming the first internet fund in China. By the end of the second quarter of 2025, Tianhong Yu'e Bao's scale was 793.2 billion yuan, maintaining its leading position in the market. According to Tianhong Fund's announcement, this adjustment only involves the custody fee rate, while the management fee rate remains at 0.30%, and the sales service fee rate is still 0.25%. After the adjustment, the fund's overall operating fee rate is 0.62%.

Citi analysts report that TSMC is likely to remain the main foundry partner for Nvidia and Intel following their collaboration. Nvidia confirmed in August that TSMC is producing six new chips for its next-generation Rubin architecture. Citi analysts expect any potential Nvidia-Intel co-developed products to continue relying on TSMC's technology in the coming years. They predict that by 2026, TSMC's revenue from Nvidia will grow by 50%, and revenue from Intel will grow by 20%. "We wouldn't be surprised if other major U.S. tech companies/TSMC's existing clients announce investments in Intel in the near future," these analysts stated. However, they noted that TSMC's leading position in the foundry business remains solid, and they expect the company to continue investing in its Arizona wafer plant to serve U.S. customers.

Several money market funds have announced fee rate adjustments today. Among them, Tianhong Yu'e Bao, the largest money market fund, lowered its custody fee rate from an annual rate of 0.08% to 0.07%. As of the end of June, the fund's scale was 793.2 billion yuan. Guoxin Guozheng Cash Yield simultaneously reduced both its management fee rate and custody fee rate, adjusted to 0.2% and 0.07%, respectively. E Fund Margin also simultaneously lowered its management fee rate and custody fee rate, with the adjusted annual fee rates being 0.15% and 0.05%, respectively. According to multiple fund managers, the reason for these adjustments is primarily to better meet investors' financial management needs.