Chinese Concept Stocks | Nasdaq Golden Dragon Index Dips as Pinduoduo and Alibaba Decline

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On October 23 (Wednesday), Eastern Time, all three major U.S. stock indexes closed lower. The S&P 500 fell 0.92% to 5797.42 points; the Dow Jones dropped 0.96% to 42514.95 points; and the Nasdaq decreased 1.63% to 18276.65 points.

On October 23, the Nasdaq Golden Dragon China Index declined by 1.20%.

Among popular Chinese stocks, TSMC rose 1.15%, Xpeng Motors increased 1.09%, Pinduoduo fell 4.80%, Alibaba dropped 2.49%, Baidu decreased 2.21%, NetEase fell 1.22%, JD.com dropped 0.87%, NIO decreased 0.57%, and Bilibili fell 0.49%.

In terms of consecutive rising Chinese stocks, Zai Lab rose 0.42% over seven days with a cumulative increase of 17.07%. Li Auto increased 3.76% over four days with a cumulative rise of 13.98%. BeiGene rose 0.17% over four days with a cumulative increase of 4.06%. Xpeng Motors went up 1.09% over four days with a cumulative rise of 9.20%. MINISO gained 2.27% over four days with a cumulative increase of 18.67%. Daqo New Energy increased 6.77% over four days with a cumulative rise of 24.26%. Dingdong Maicai rose 1.82% over four days with a cumulative increase of 13.90%. Aurora Mobile increased 8.80% over four days with a cumulative rise of 20.50%. Mingteng gained 21.02% over four days with a cumulative increase of 55.22%. Tianruixiang rose 3.38% over four days with a cumulative increase of 14.44%.

Regarding consecutive falling Chinese stocks, MicroCloud Hologram dropped 4.38% over six days with a cumulative decline of 26.68%. Antelope Enterprise Holdings fell 6.80% over six days with a cumulative decrease of 32.46%. Yunxuetang decreased 6.25% over five days with a cumulative decline of 19.08%. MiniWise fell 1.17% over five days with a cumulative decrease of 22.38%. Qiji Automotive dropped 0.48% over four days with a cumulative decline of 20.38%. JSG Entertainment decreased 6.88% over four days with a cumulative decline of 13.21%. Haoxi Health dropped 2.11% over four days with a cumulative decrease of 11.43%. Austin Technology fell 1.74% over four days with a cumulative decline of 17.76%.

Kering's Q3 Revenue Misses Expectations
Kering's Q3 revenue was 3.79 billion euros, while analysts expected 3.96 billion euros. Same-store sales fell 16% in Q3, against an expected decline of 10.9%. Gucci's Q3 revenue was 1.64 billion euros, with analysts expecting 1.75 billion euros. Gucci's same-store sales fell 25% in Q3, against an expected decline of 20.7%. Full-year operating profit from continuing operations is expected to be around 2.5 billion euros, compared to analysts' expectations of 2.82 billion euros.

Baidu, Huawei, Alibaba, Meitu Included in 2024 AIGC Enterprise List
On October 23, DBC Consulting released the 2024 AIGC Enterprise List, including Baidu, Huawei, ByteDance, Tencent, Alibaba, Kuaishou, and Meitu. As of July 2024, 197 generative AI services have been registered in China, covering various fields such as education, finance, office, government, and healthcare, and expanding to more specific scenarios like media and industry. The need to enhance new advantages in generative AI is driving a new wave of technological and industrial transformation.

New Oriental's Q1 Net Revenue Hits $1.44 Billion, Estimated at $1.44 Billion
New Oriental's Q1 net revenue was $1.44 billion, meeting estimates of $1.44 billion. Adjusted earnings per ADS for Q1 were $1.60. New Oriental expects Q2 net revenue to range from $851.4 million to $871.8 million.

He Xiaopeng Discusses Autonomous Driving in Europe: Challenges Remain by 2026
Xpeng Motors' Chairman and CEO He Xiaopeng stated that due to narrow streets and alleys in Europe, driving is challenging. Even if regulations allow and technology stabilizes by the end of 2025 or 2026, achieving autonomous driving will still face many challenges.

Baidu Netdisk "Pure Harmony" Version to Launch in November
On October 23, Baidu Netdisk announced that the HarmonyOS NEXT version (known as "Pure Harmony") will officially launch in November.

Xpeng Motors Officially Enters UAE Market, Plans to Open Store in Abu Dhabi Next Year
On October 23, Xpeng Motors announced that it recently held a launch event for the G6 and G9 models in Dubai, officially entering the UAE market. Xpeng Motors, in collaboration with Ali & Sons Holding LLC subsidiary GSM, has established a sales channel in the UAE market, offering models including the G6 and G9. Another store is planned to open in Abu Dhabi next year, in addition to the existing Dubai store.

Li Auto Announces Full Rollout of End-to-End Intelligent Driving
On October 23, Li Auto announced the full rollout of the Li Smart Driving "End-to-End + VLM" with OTA 6.4, covering the AD Max platform models MEGA/L9/L8/L7/L6.

Zhongguancun Laboratory, Ant Group, and Others Launch "Asterinas" Open Source Software Stack
Zhongguancun Laboratory, Ant Group, Peking University, Southern University of Science and Technology, and other industry-academia-research institutions jointly released the open source software stack "Asterinas" to global developers. The "Asterinas" stack includes the Asterinas OS and confidential computing projects, providing natively secure system software for general and trusted execution environments. The Asterinas OS supports x86 and RISC-V CPU architectures, is compatible with Linux, supports over 170 Linux system calls, and can run web service applications. It is expected to be applied in cloud computing and confidential computing data centers by 2025.

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