Chinese Concept Stocks | Nasdaq China Golden Dragon Index Falls as Pinduoduo Drops Nearly 5%

On May 28th (Wednesday), Eastern Time, the three major U.S. stock indexes collectively closed lower. The S&P 500 Index fell 0.56% to 5888.55 points; the Dow Jones Index dropped 0.58% to 42098.70 points; and the Nasdaq Index decreased 0.51% to 19100.94 points.

On May 28th, the Nasdaq Golden Dragon China Index fell 0.71%.

Regarding popular Chinese concept stocks, XPeng increased by 0.10%, Pinduoduo fell by 4.95%, JD.com dropped by 2.95%, Alibaba decreased by 2.33%, Bilibili fell by 1.60%, Baidu dropped by 0.87%, TSMC fell by 0.76%, NIO decreased by 0.41%, and NetEase fell by 0.35%.

Among the Chinese concept stocks with consecutive gains, Smart Charging rose by 1.35% for 10 consecutive days with a cumulative increase of 13.64%. Cheetah Mobile rose by 5.67% for 5 consecutive days with a cumulative increase of 10.78%. UCAN rose by 8.19% for 5 consecutive days with a cumulative increase of 31.89%. Portal Holdings rose by 7.55% for 4 consecutive days with a cumulative increase of 50.31%. Huya rose by 5.75% for 4 consecutive days with a cumulative increase of 6.93%. Austin Technology rose by 4.42% for 4 consecutive days with a cumulative increase of 15.29%. Jiuzi Renewables rose by 24.62% for 4 consecutive days with a cumulative increase of 67.24%. 36Kr rose by 0.54% for 4 consecutive days with a cumulative increase of 1.84%.

Among the Chinese concept stocks with consecutive declines, Shenfanlian fell by 4.98% for 8 consecutive days with a cumulative decrease of 44.18%. NIO fell by 0.54% for 7 consecutive days with a cumulative decrease of 10.49%. Zai Lab fell by 2.39% for 6 consecutive days with a cumulative decrease of 8.21%. Kingsoft Cloud fell by 7.91% for 6 consecutive days with a cumulative decrease of 15.44%. Gaotu fell by 1.64% for 6 consecutive days with a cumulative decrease of 7.24%.

JPMorgan has lowered Baidu's target stock price from $100 to $90.

On May 28th, XPeng's MONA M03 Max was officially launched, with two versions based on range. The version with a 502km range is priced at 129,800 yuan, while the version with a 600km range is priced at 139,800 yuan.

On the evening of May 28th, He Xiaopeng, Chairman of XPeng Motors, stated at the launch event of the XPeng MONA M03 Max that computing power is the primary standard for testing intelligent assisted driving capabilities. "Low computing power cannot run large models; small models cannot utilize big data effectively. High computing power builds a solid foundation for efficient decision-making in intelligent assisted driving, processing complex road conditions in real-time, reducing visual perception delays and misjudgments, and providing a safer and more efficient intelligent assisted driving experience," said He Xiaopeng. The XPeng MONA M03 Max is the only model in its class equipped with dual OrinX chips, with a maximum computing power of 508 Tops.

Kingsoft Cloud announced that for the three months ending March 31, 2025, its unaudited financial results showed total revenue of 1.97 billion yuan (271.51 million USD), a year-on-year increase of 10.9%. Public cloud service revenue was 1.354 billion yuan (186.5 million USD), a year-on-year increase of 14.0%. Industry cloud service revenue was 617 million yuan (85.0 million USD), a year-on-year increase of 4.8%. Adjusted gross profit was 328 million yuan (45.2 million USD), a year-on-year increase of 9.6%. Adjusted operating loss was 55.8 million yuan (7.7 million USD), a year-on-year decrease of 56%. Adjusted EBITDA profit reached 319 million yuan (43.9 million USD), with an adjusted EBITDA profit margin of 16.2%.

At today's XPeng MONA party and M03 Max new car launch event, XPeng Motors Chairman and CEO He Xiaopeng gave a speech. This time, the XPeng MONA M03 Max is equipped with advanced intelligent assisted driving. He Xiaopeng stated that XPeng Motors has achieved full-feature intelligent assisted driving for the first time in a 150,000 yuan-level model, with intelligent assisted driving capabilities comparable to the industry's 500,000 yuan flagship models.

XPeng Motors MONA M03 has delivered over 120,000 units in 9 months since its launch.

On May 28th, Youku launched a new label called "Youku Original," which will pursue "good stories" with strong narrative, serialization, and an international perspective.

JD.com announced the results of its Heartbeat Shopping Season that began on May 13th. As of 24:00 on May 27th, over 500 million consumers placed orders during JD.com's Heartbeat Shopping Season, and nearly 80,000 brands saw their transaction volume double year-on-year. JD.com's procurement and sales live-streaming transaction volume grew nearly fourfold year-on-year. Meanwhile, JD.com's 618 shopping event will officially begin at 8:00 PM on May 30th.

GDS Holdings announced its plan to issue $450 million in convertible senior notes due 2032 and 5.2 million American Depositary Shares (ADSs), with the net proceeds to be used for general corporate purposes, working capital needs, and refinancing existing debt, including potential repurchase or redemption of its convertible notes due 2029 upon investor put exercise. GDS Holdings expects to grant initial purchasers an option to buy up to an additional $50 million principal amount of notes during the bond offering. The company also plans to start an underwritten public offering of 5.2 million ADSs in the United States. Underwriters will have a 30-day option to purchase up to an additional 780,000 ADSs.