Chinese Concept Stocks | Nasdaq Golden Dragon China Index Rises 3.03%; Pinduoduo and TSMC Lead Gains
On August 6 (Tuesday), Eastern Time, the three major U.S. stock indexes collectively closed higher. The S&P 500 index rose by 1.04% to 5240.03 points; the Dow Jones index increased by 0.76% to 38997.66 points; and the Nasdaq index went up by 1.03% to 16366.85 points.
On August 6, the Nasdaq Golden Dragon China Index rose by 3.03%. As for popular Chinese stocks, Pinduoduo increased by 5.10%, TSMC by 4.95%, JD.com by 2.00%, Alibaba by 1.22%, Baidu by 0.75%, NIO decreased by 2.96%, Bilibili by 2.00%, NetEase by 1.41%, and Xpeng Motors by 1.37%.
【Rising Chinese Stocks】
The stocks that showed consecutive increases are as follows: Color Star increased by 11.49% for 10 consecutive days with a cumulative increase of 80.40%; E-Home Household Service Holdings increased by 2.72% for 4 consecutive days with a cumulative increase of 7.86%; BeiGene increased by 3.42% for 3 consecutive days with a cumulative increase of 5.56%; Lotus Technology increased by 1.72% for 3 consecutive days with a cumulative increase of 5.36%; Greenland Holdings increased by 4.44% for 3 consecutive days with a cumulative increase of 5.22%; Atour increased by 3.22% for 3 consecutive days with a cumulative increase of 6.11%; Youdao increased by 3.36% for 3 consecutive days with a cumulative increase of 20.98%; Dada increased by 0.75% for 3 consecutive days with a cumulative increase of 6.35%.
【Declining Chinese Stocks】
The stocks that showed consecutive decreases are as follows: Tenon increased by -0.93% for 10 consecutive days with a cumulative decrease of -44.56%; Xunlei Software decreased by -5.14% for 8 consecutive days with a cumulative decrease of -22.52%; Huapu Group decreased by -4.58% for 7 consecutive days with a cumulative decrease of -43.85%; Baozun E-commerce decreased by -0.45% for 7 consecutive days with a cumulative decrease of -11.20%; Great Wall Technology decreased by -5.48% for 7 consecutive days with a cumulative decrease of -24.59%; CrownTech decreased by -5.66% for 7 consecutive days with a cumulative decrease of -32.43%; Meiwu Technology decreased by -0.71% for 7 consecutive days with a cumulative decrease of -21.98%.
【Chinese Stocks News】
Zai Lab's Q2 Revenue Reaches $100.5 Million
Zai Lab's Q2 revenue reached $100.5 million, with analysts' expectations at $93.5 million.
New Oriental's Buyback Plan Increases to $700 Million: Enhancing Investor Confidence and Considering Employee Incentives
On the evening of August 6, New Oriental announced that the company's board of directors had approved an adjustment to the stock repurchase plan. According to the adjustment, the total value of shares authorized for repurchase under the plan increased from $400 million to $700 million, with the expanded plan effective until May 31, 2025. As of the date of the announcement, the company had repurchased approximately $330 million worth of American Depositary Shares. A person from New Oriental responded that the main reason for expanding the buyback plan is strong confidence in the company and to boost investor confidence. "The company will consider using a portion of the repurchased shares for employee incentives in the future," the person revealed, adding that New Oriental generally issues some stock incentives every few years.
Tuniu: Q2 Revenue Grows 17% to 117 Million Yuan, Net Profit 43 Million Yuan
Tuniu Travel Network's financial report shows that in the second quarter of 2024, it achieved net revenue of 117 million yuan, a year-on-year increase of 17%, with revenue from packaged tour products near 90 million yuan, a year-on-year increase of 29%; net profit was 43 million yuan, compared with 2.2 million yuan in the same period in 2023. It is expected that in the third quarter of this year, net revenue will be between 183.5 million and 192.4 million yuan, a year-on-year increase of 3% to 8%.
Li Auto Continues to Release Weekly Sales Rankings: Sold 11,800 Units Last Week
On August 6, Li Auto continued to release its weekly sales rankings: in the 31st week of 2024 (July 29 - August 4), it sold 11,800 units, ranking first in sales among new power brands in the Chinese market for 15 consecutive weeks. Recently, Li Auto's weekly sales rankings have caused public dissatisfaction from multiple car companies such as NIO, Geely, and Xpeng.
New Oriental: Board Approves Expanded Stock Buyback Plan
New Oriental announced that the company's board of directors had approved an adjustment to the stock repurchase plan. According to the adjustment, the total value of shares authorized for repurchase under the plan increased from $400 million to $700 million, with the expanded plan effective until May 31, 2025.
Alibaba Cloud Announces Price Increase for Number Authentication Products
Alibaba Cloud announced that from 00:00 on August 15, 2024, the prices for its number authentication products (including one-click login and real-name verification) will be increased. The postpaid price will be adjusted from the original tiered price of 0.040 yuan per use to 0.050 yuan per use and from 0.035 yuan per use to 0.040 yuan per use, with the tiered levels remaining unchanged. The package prices will see an increase of about 20% across all specifications. This adjustment does not involve integrated authentication, SMS authentication, or graphical authentication.
Futu: Night Trading on August 6 Temporarily Canceled Due to Precautionary Measures
Futu announced again: it received a notification from the upstream provider (Blue Ocean) that due to precautionary measures, night trading on August 6 will be temporarily canceled, while trading during other normal periods (pre-market, intraday, post-market) will not be affected.
Morgan Stanley Lists TSMC as Top Pick After Significant Sell-off
Morgan Stanley has listed TSMC as a top pick, stating that the stock's valuation is attractive following its recent weak performance. "In the long-term semiconductor downcycle, we appreciate TSMC's quality and defensiveness," analyst Charlie Chan wrote, adding that "confirmed price increases and sustained strength in AI capital spending should be key catalysts."
Yum China: Board Expands to Twelve Members, Mikel A. Durham Appointed as Director
On August 6, Yum China announced on the Hong Kong Stock Exchange that the board of directors had expanded from eleven to twelve members, and Mikel A. Durham, former CEO of American Seafoods Group, was appointed as a director. His term will expire at the company's 2025 Annual General Meeting or upon his earlier death, resignation, or removal. According to the listing standards of the New York Stock Exchange and the rules of the Hong Kong Stock Exchange, the board determined that Durham is independent of the company and its management.