Chinese Concept Stocks | JOYY ADR Drops 9% Amid Short-Selling by Hunterbrook Capital
2min read On December 18th, Eastern Time (Wednesday), the three major U.S. stock indices collectively plummeted. The S&P 500 Index fell 2.95%, closing at 5872.16 points; the Dow Jones Index fell 2.58%, closing at 42326.87 points; and the Nasdaq Index fell 3.56%, closing at 19392.69 points.
On December 17th, the Nasdaq Golden Dragon China Index rose 1.97%.
Among popular Chinese concept stocks, NIO fell 4.45%, Bilibili fell 3.21%, XPeng Motors fell 2.61%, NetEase fell 2.30%, Alibaba fell 2.28%, TSMC fell 2.21%, JD.com fell 2.03%, Baidu fell 1.92%, and Pinduoduo fell 0.91%.
Chinese concept stocks that have been rising consecutively include Wangban Technology with a recent change of 1.16% over 8 consecutive rising days, achieving an overall increase of 4.40% during this period; Jinsheng Amusement with a recent change of 0.53% over 5 days, resulting in a 10.47% increase; and Eurofins Scientific with a recent change of 0.68% over 4 days, leading to a 6.47% increase. Lixiang Education saw a significant rise of 36.40% over 4 days, accumulating a 42.08% increase. Tuya Smart, Cango, Jinshan Technology, and others also showed positive trends over the past few days.
On the other hand, Chinese concept stocks experiencing consecutive declines include Beijia Cloud, which fell 1.16% over 10 days, resulting in a 63.32% decrease; Jinxuan Group, down 1.00% over 8 days, with a 29.48% decrease; and Hutchison Medipharma, which declined 2.56% over 7 days, amounting to a 17.45% decrease. Other stocks such as Dajian Cloud Warehouse, Tiancheng Technology, and Ning Sheng International also faced significant declines over the past week.
Joyy Inc.'s ADR dropped by 9% after Hunterbrook Capital announced a short position.
There were reports suggesting that Baidu had conducted due diligence on Jiyue and promised to invest 3 billion RMB, with a condition for Jiyue to return the funds through purchasing Baidu's smart solutions. However, multiple sources confirmed that Baidu has no intention to invest in Jiyue with such stipulations. The Jiyue management expected funding from Geely and external equity financing before approaching Baidu.
NIO announced on December 18th that it has completed the layout of its "9 vertical and 9 horizontal" highway battery swap network, covering major cities across China, and now has 913 highway battery swap stations.
UBS remains optimistic about gold's performance over the next 12 months, predicting that gold prices will reach $2,900 per ounce by the end of next year.
Jiyue Automobile's compensation plan for employees is still pending approval from Baidu, although Geely has confirmed it. Most employees remain in their positions, awaiting the final decision.
A notice about the forced offline status of delivery riders who overwork attracted attention. Meituan confirmed a pilot program to enforce this, while Ele.me only issues reminders to rest without enforcement.
Baidu has applied to register the trademark "Baidu Companion" in categories including scientific instruments, website services, and advertising sales.
Liang Jianzhang, co-founder and chairman of Trip.com Group, announced at the company's global partner summit that they are exploring a more flexible four-day workweek or reduced working hours to enhance employee satisfaction without affecting productivity.
Yum China's Pizza Hut brand has launched a new menu with price reductions on 30 items, expanding to 3,606 stores across China as of September 2024.
Alibaba's AI application "Tongyi" has been spun off from Alibaba Cloud and merged into Alibaba's Intelligent Information Business Group, aligning it with the intelligent search product "Quark" at the same organizational level.
