Chinese Concept Stocks | Mixed Performance for Chinese Stocks on Nasdaq as Miniso Reports Strong Q1 Revenue Growth

On May 23 (Friday), Eastern Time, the three major U.S. stock indexes collectively closed lower, with the S&P 500 index down 0.67% to 5802.82 points; the Dow Jones index down 0.61% to 41603.07 points; and the Nasdaq index down 1.00% to 18737.21 points.

On May 23, the Nasdaq China Golden Dragon Index rose by 0.05%.

Among popular Chinese concept stocks, Bilibili rose 3.19%, NetEase rose 0.61%, XPeng Motors fell 2.56%, TSMC fell 2.12%, NIO fell 1.68%, JD.com fell 1.01%, Alibaba fell 0.64%, Pinduoduo fell 0.47%, and Baidu fell 0.31%.

In terms of Chinese concept stocks with consecutive gains, UTStarcom rose 0.75% over 10 consecutive days, with a cumulative increase of 6.80%. Yipin Weike rose 14.57% over 9 consecutive days, with a cumulative increase of 60.06%. Smart Charge rose 2.86% over 8 consecutive days, with a cumulative increase of 9.09%. Eureka Acquisition rose 0.19% over 8 consecutive days, with a cumulative increase of 0.19%. Dada rose 1.90% over 6 consecutive days, with a cumulative increase of 5.91%.

In terms of Chinese concept stocks with consecutive declines, Mercurity Fintech fell 12.70% over 9 consecutive days, with a cumulative decrease of 32.91%. Shengda Technology fell 1.57% over 8 consecutive days, with a cumulative decrease of 15.17%. Shenfan Union fell 11.71% over 6 consecutive days, with a cumulative decrease of 33.57%. NIO fell 1.55% over 5 consecutive days, with a cumulative decrease of 6.83%. iQIYI fell 1.18% over 5 consecutive days, with a cumulative decrease of 13.47%. Weiba Bus fell 13.39% over 5 consecutive days, with a cumulative decrease of 51.50%. Huafu Education fell 1.33% over 5 consecutive days, with a cumulative decrease of 7.03%. Jinsheng Amusement fell 59.35% over 5 consecutive days, with a cumulative decrease of 67.08%.

MINISO: Revenue Increased by 18.9% Year-on-Year in the First Quarter
MINISO announced that for the three months ended March 31, 2025, revenue increased by 18.9% year-on-year to RMB 4.427 billion (610.1 million USD). Same-store sales decline in mainland China significantly narrowed to mid-single digits, with a gross margin of 44.2%, up 0.8 percentage points year-on-year. Adjusted EBITDA increased by 7.5% year-on-year to RMB 1.037 billion (142.9 million USD). Shareholder returns year-to-date reached approximately RMB 987 million.

Fliggy 618 Event Product Sales Doubled, Theme Parks and Cruises Surge
According to Fliggy data, event products including flight cards, hotel packages, and park tickets have cumulatively sold nearly 2 million units, a significant year-on-year increase. New travel styles show strong growth, with theme park tours, cruise tours, and new energy vehicle self-driving tours all seeing doubled sales.

Li Auto Invests in Establishing Construction Company in Changzhou
Data from Qichacha APP shows that recently, Changzhou Chezhihu Construction Co., Ltd. was established, with Hu Quangang as the legal representative and a registered capital of 25 million RMB. Business scope includes construction engineering, property management, non-residential real estate leasing, and supply chain management services. Qichacha's equity penetration shows that the company is wholly owned by Li Auto's affiliated company, Jiangsu Chehejia Automobile Co., Ltd.

Oriental Selection Wins Final Appeal in Network Infringement Case
On May 23, Oriental Selection issued a statement that the Beijing Fourth Intermediate People's Court made a second-instance judgment in the network infringement dispute case between Oriental Selection and Cui, rejecting Cui's appeal and upholding the original judgment. This judgment is final. According to the judgment, Cui must post and pin an apology statement on the Douyin account, apologize to Oriental Selection, and compensate Oriental Selection 36,000 yuan.

It was reported that Cui previously fabricated rumors that Oriental Selection charged the Guizhou provincial government a seven-figure promotional fee during cultural tourism live broadcast activities. Oriental Selection issued a statement on June 29, 2024, clarifying that it never charged the government for promotional fees and has always insisted on not charging enterprises or merchants for slot fees. However, Cui did not stop the infringing behavior and continued to release infringing videos and false statements. Oriental Selection took legal actions to protect its rights.

NIO New ET5 and ET5T to Launch on May 25
According to NIO's official Weibo, the launch event for NIO's new ET5 and ET5T will be broadcast live on May 25 at 19:30.

Volcano Engine and Alibaba Cloud Co-Host "Firmware Technology Summit", ByteDance Open Sources Cloud Firmware 3.0 Solution
On the morning of May 23, a message was sent out that the second Firmware Technology Summit, jointly initiated and organized by Volcano Engine and Alibaba Cloud, and co-organized by the Firmware Industry Technology Innovation Alliance, was successfully held in Changsha. The summit was participated by the China Electronics Standardization Institute, OCP (Open Compute Project), and OSFF (Open System Firmware Foundation), attracting more than 50 global companies and nearly 200 firmware technology developers and industry experts to explore the forefront development and practical application of firmware technology.

ByteDance officially open-sourced and released the Cloud Firmware 3.0 solution at this event. Ge Shijian introduced that this solution has been stably deployed in over 20,000 production systems within Volcano Engine and will continue to undergo research and deployment.

JD Seven Fresh Internal Meeting Requires Price Competitiveness to be Industry Leading
Recently, a source close to JD Seven Fresh revealed that in a recent meeting, JD Seven Fresh internally made it clear that, based on superior product quality compared to other platforms, its price competitiveness should be industry-leading. Based on the requirements of this meeting, JD Seven Fresh will comprehensively upgrade its piercing price during this year's 618, with core piercing price products increasing from originally being 10% cheaper to nearly 20% cheaper.

XPeng Motors Aims to Launch Flying Car Product to Consumers in 2026
XPeng Motors hopes to launch a flying car product to consumers in 2026.

Yingli Technology: Has Had Preliminary Technical Exchanges with XPeng Huitian on Lightweight Materials, No Business Cooperation
Yingli Technology stated during institutional research that regarding the company's lightweight materials, the company has carbon fiber composite materials that can be applied to new energy battery boxes and drones. The company currently mainly supplies drone companies for application in drone blades and other components. The company has had preliminary technical exchanges with XPeng Huitian on lightweight materials but has not had business cooperation.