Chinese Concept Stocks | Nasdaq Golden Dragon Index Drops 4.45% as Key Chinese Stocks Show Mixed Performance
4min read On November 13th (Wednesday) Eastern Time, the three major U.S. stock indices showed mixed performance. The S&P 500 Index rose by 0.02% to 5985.38 points; the Dow Jones Index increased by 0.11% to 43958.19 points; and the Nasdaq Index fell by 0.26% to 19230.72 points.
On November 12th, the Nasdaq Golden Dragon China Index dropped by 4.45%.
Regarding popular Chinese concept stocks, Bilibili rose by 0.90%, NIO increased by 0.87%, Alibaba went up by 0.23%, while NetEase fell by 2.79%, TSMC decreased by 2.63%, XPeng Motors dropped by 2.16%, JD.com fell by 1.14%, Baidu decreased by 0.40%, and Pinduoduo dropped by 0.34%.
Concerning the Chinese concept stocks that have been rising consecutively, Intelligent Charging increased by 6.14% over five consecutive days, achieving a cumulative rise of 28.76%. Xinghui Cloud Printing rose by 7.48% over four consecutive days, with a cumulative increase of 44.85%. Ucloudlink increased by 3.10% over four consecutive days, achieving a cumulative rise of 16.50%. Next Technology rose by 1.48% over four consecutive days, with a cumulative increase of 100.00%. Hiwin Metal Processing increased by 1.02% over four consecutive days, achieving a cumulative rise of 4.13%.
Regarding the Chinese concept stocks that have been declining consecutively, Fresh2 Group fell by 2.89% over eight consecutive days, achieving a cumulative decline of 50.49%. iQIYI dropped by 2.50% over six consecutive days, with a cumulative decline of 16.86%. Connect Biopharma fell by 3.37% over six consecutive days, achieving a cumulative decline of 18.95%. Uxin Group dropped by 4.71% over six consecutive days, with a cumulative decline of 23.98%. Jinxin Leisure fell by 2.72% over five consecutive days, achieving a cumulative decline of 21.07%.
Tencent executives responded to the interconnection with Taobao, stating that it will take some time to observe the final impact of the strategic cooperation. During Tencent's earnings conference call this evening, executives revealed that a lot of effort and design went into achieving the current cooperation, which even involved signing agreements. This cooperation allows Tencent to gain more revenue from payments, Taobao to achieve higher user conversion rates, and users to have more payment options. Tencent is satisfied with the cooperation so far but will continue to observe its long-term effects.
Alibaba Health released its interim results for the 2025 fiscal year, stating that its revenue reached 14.27 billion yuan, with a net profit of 769 million yuan, reflecting a 72.8% year-on-year increase. For the six months ending September 30, 2024, Alibaba Health's revenue grew by 10.2% year-on-year, and active users exceeded 300 million. During the reporting period, the number of merchants on the Tmall Health platform grew by 25% year-on-year, reaching over 40,000, while SKUs continued to increase to 78 million, and GMV achieved stable year-on-year growth.
NetEase announced that due to adjustments in game development and operation strategies, three mobile games, "War Rage," "Taya Epic," and "Mobile City Alpha," will stop new content development and shut down some servers starting January 13, 2025. On the previous day, NetEase announced the termination of the official version of "Pokémon Quest" on February 10, 2025.
Dingdong Maicai has officially launched overseas operations, with Saudi Arabia as its first stop. Dingdong insiders stated that the overseas model primarily targets local customers with pre-prepared dishes, while also offering fresh produce, refrigerated goods, and daily necessities. Additionally, this year, the management had a meeting in Saudi Arabia, and they are currently forming a localized team there. Dingdong is recruiting for various positions like product, operation, customer service, purchasing, and government relations, with some roles located in Riyadh. Applicants are required to be proficient in English and Arabic. For 2025 graduates, Dingdong has added international business management positions to its campus recruitment to specifically train management personnel for overseas expansion.
Wu Xinxin, Vice President of Marketing for NetEase Games, and Zhang Haixing, General Manager of Marketing for NetEase Games, have both left the company. This follows previous online rumors of a list of individuals involved in a corruption case at NetEase. It is understood that many employees in NetEase's marketing department are still under investigation.
Xpeng Huitian has received over 2,000 pre-orders for its "land aircraft carrier." At the airshow venue, Xpeng Huitian signed cooperation and product pre-order agreements with 12 potential customers from various industries across the country. This marks the largest order quantity in the global flying car sector to date.
Guangdong XPeng Motors Technology Co., Ltd. has recently applied to register several trademarks, including "XPeng Kunpeng Super Electric," "XPeng Kunpeng," "XPeng Extreme Shield," and "XPeng Flash Shield." These trademarks fall under the categories of transportation tools and scientific instruments and are currently in the application process. Previously, XPeng Motors announced the launch of the "XPeng Kunpeng Super Electric System," which adopts a full-domain 800V high-voltage silicon carbide platform, equipped with 5C supercharged AI batteries, hybrid silicon carbide coaxial electric drives, a silent range extender, AI battery doctors, and AI power functions.
Li Auto announced that the L6 model has delivered over 150,000 units within seven months of its launch.
The Taiwan Affairs Office responded to the suspension of chip supply to mainland China by TSMC, stating that promoting cross-strait industrial cooperation benefits the development of enterprises on both sides and enhances the welfare of compatriots. The reports further demonstrate that the U.S. is playing the "Taiwan card" to escalate tensions in the Taiwan Strait, aiming to contain China. The Democratic Progressive Party authorities' attempts to rely on external forces for independence and to decouple and break the chain with the U.S. are setting more artificial barriers to cross-strait industrial cooperation, ultimately harming the interests of local enterprises and weakening Taiwan's industrial advantages.
Xpeng Huitian visited Huaxin Innovation to discuss the development of eVTOL display systems and satellite communication technology. The two parties had an in-depth discussion on the development of future low-altitude aircraft display systems and satellite communication systems. Huaxin Innovation introduced its business development strategy and product layout in the low-altitude field, and the two parties further discussed the technology, quality, and manufacturing aspects of eVTOL display systems and satellite communication systems. On November 12, Xpeng Huitian completed its global public maiden flight of the "land aircraft carrier" at the Zhuhai Airshow.
Hedge fund North of South Capital LLP increased its holdings of Alibaba and JD.com. The 13F filing of North of South Capital LLP shows that the hedge fund increased its ADR investments in the Greater China region during the third quarter, with Alibaba becoming its largest holding.