Chinese Concept Stocks | Nasdaq China Golden Dragon Index Falls as Key Stocks Decline
4min read On October 24th, Eastern Time (Thursday), the three major U.S. stock indices showed mixed results. The S&P 500 index rose by 0.21% to 5809.86 points; the Dow Jones index fell by 0.33% to 42374.36 points; and the Nasdaq index rose by 0.76% to 18415.49 points.
On October 24th, the Nasdaq Golden Dragon China Index fell by 0.82%.
For popular Chinese stocks, XPeng Motors fell by 6.14%, NIO fell by 4.05%, Bilibili fell by 2.11%, Alibaba fell by 1.68%, JD.com fell by 1.68%, TSMC fell by 1.47%, NetEase fell by 1.45%, Pinduoduo fell by 0.79%, and Baidu fell by 0.52%.
Companies with consecutive gains include: Zai Lab with a 14.65% increase for 8 consecutive days and a total increase of 34.22% during this period; Li Auto with a 1.22% increase for 5 consecutive days and a total increase of 15.37%; MINISO with a 0.33% increase for 5 consecutive days and a total increase of 19.06%; Dingdong with a 7.74% increase for 5 consecutive days and a total increase of 22.71%; Mingteng with a 5.04% increase for 5 consecutive days and a total increase of 63.04%; and Aurora with a 6.97% increase for 5 consecutive days and a total increase of 28.91%.
Companies with consecutive declines include: WiMi Hologram Cloud with an 8.43% decrease for 7 consecutive days and a total decrease of 32.86%; Antelope Enterprise with a 9.23% decrease for 7 consecutive days and a total decrease of 38.70%; Kandi Technologies with a 7.73% decrease for 5 consecutive days and a total decrease of 26.54%; Hao Xi Health with an 8.60% decrease for 5 consecutive days and a total decrease of 19.05%; and Austin Technology with a 3.85% decrease for 5 consecutive days and a total decrease of 20.92%.
Zhang Kun's latest quarterly report, nearing 70 billion in management scale, major purchases in Alibaba and Yum China
In the early hours of the 25th, four funds managed by Zhang Kun disclosed their quarterly reports. As of the end of September, the total scale of these funds reached 69 billion, nearing the 70 billion milestone once again. Zhang Kun made significant purchases in Alibaba and Yum China this quarter, stating in the report that consumer and tech leaders will enter a growth phase in the future.
Yum China removes onions from some KFC and other stores
Yum, the parent company of KFC, announced the removal of fresh onions from some KFC, Pizza Hut, and Taco Bell stores as a precaution. The company is monitoring a recent E. coli outbreak in the U.S. linked to McDonald's stores.
Dong Yuhui's departure leads to a decline in Oriental Selection's revenue
From the last quarter, New Oriental's financial report has shown a subtle change. The previous quarter's guidance did not forecast revenue data but excluded Oriental Selection's revenue. It is well known that Dong Yuhui left Oriental Selection on July 25th, the end of the last quarter. This quarter, New Oriental disclosed revenue excluding Oriental Selection, which was $1.278 billion, a 33.5% year-on-year increase. After conversion, Oriental Selection's revenue was $157 million this quarter, compared to approximately $179 million last quarter. Dong Yuhui's departure significantly impacted Oriental Selection. Additionally, Yang Zhihui stated in the last quarter's report that payments to Dong Yuhui would occur in the fourth quarter of fiscal 2024 and the first quarter of fiscal 2025 as a one-time expenditure, with specific amounts disclosed in the next report. However, this quarter's report did not disclose the related data.
Yum China: Over 100 Pizza Hut WOW stores launched, Beijing's first store opening soon
On October 24th, it was learned from Yum China, listed on the Hong Kong stock exchange, that Beijing's first Pizza Hut WOW store will open on October 26th. The Pizza Hut WOW store is an innovative concept offering pizza, pasta, steaks, and various snacks, desserts, and drinks, focusing on cost-effective combinations with an average customer price of around 30 to 40 yuan. The first batch of pilot stores opened in May, receiving positive market feedback. By the end of July, over 100 WOW stores had been launched.
100 million yuan price in live streaming room: Domestic first space travel tickets sold out on Taobao
Deep Blue Aerospace, a Chinese commercial aerospace company, launched the pre-sale of its first suborbital manned space travel tickets in 2027 in a Taobao live streaming room. Only the first two tickets were sold for a full price of 1.5 million yuan, with a discounted price of 1 million yuan in the live streaming room. The products sold out shortly after being listed at 18:20, and the product page showed "sold 2" after being taken down.
XPeng P7+ comes standard with AI intelligent driving
According to reports, on October 24th, Li Liyun, head of intelligent driving at XPeng Motors, announced that future competition in autonomous driving will focus on cloud technology. XPeng's upcoming cloud-based model will have 80 times the parameters of the car model and possess temporal and spatial understanding capabilities. By 2025, cloud computing power is expected to exceed 10 EFlops. Li Liyun stated that the XPeng P7+ model will no longer distinguish between Max and Pro versions, with the entire series equipped with AI intelligent driving. This move will popularize intelligent driving technology and enhance user experience. Additionally, XPeng plans to achieve L3-level intelligent driving assistance by the third quarter of 2025, with less than one intervention per 100 kilometers. By 2026, XPeng aims to achieve L4-level autonomous driving in certain low-speed scenarios, allowing vehicles to operate without a driver.
Ding Lei resigns as legal representative and general manager of Beijing Wangzhi Network
According to company information, there has been a business change at Wangzhi Information Technology (Beijing) Co., Ltd., with Ding Lei stepping down as legal representative and general manager, replaced by Pang Dazhi as legal representative and manager. Additionally, Pang Dazhi is also the legal representative and executive director of Shanghai Wangzhi Network Technology Development Co., Ltd., which is still wholly owned by Ding Lei.
NVIDIA CEO denies tension with TSMC: Blackwell chip design flaw leads to low yield
Jensen Huang stated that the Blackwell architecture products indeed have a minor design flaw that does not affect the basic function of the chips but inevitably lowers the yield. Huang emphasized that this is a unilateral issue on NVIDIA's part and has nothing to do with TSMC, and it will not affect future cooperation between the two companies.
Baidu invests in AI clinical psychology model developer Mirror Technologies
According to business registration data, there has been a change in Shenzhen Mirror Technologies Co., Ltd., with Beijing Baidu Netcom Science and Technology Co., Ltd. added as a shareholder, increasing the registered capital from approximately 6.951 million RMB to approximately 7.646 million RMB, along with changes in several directors and supervisors. Shenzhen Mirror Technologies Co., Ltd. was established in September 2019, with Huang Li as the legal representative, and its business scope includes software development, AI technology development, and big data information technology development. The company is jointly held by Huang Li, Hai Guangyue, Chen Xiong, and others. Public information shows that Mirror Technologies is a high-tech enterprise dedicated to integrating AI with psychology, focusing on innovative applications of AI technology in the professional mental health field.
