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Chinese Concept Stocks | Nasdaq Golden Dragon Index Drops Amid Mixed Performance of Chinese Stocks

AInvestThursday, Dec 12, 2024 5:32 pm ET
4min read

On December 12th, Eastern Time (Thursday), the three major U.S. stock indices collectively closed lower. The S&P 500 index fell by 0.54%, closing at 6051.25 points; the Dow Jones index dropped by 0.53%, closing at 43914.12 points; and the Nasdaq index declined by 0.66%, closing at 19902.84 points.

On December 11th, the Nasdaq Golden Dragon China Index fell by 0.74%.

Among popular Chinese concept stocks, Pinduoduo rose by 1.20%, Baidu increased by 1.06%, Alibaba went up by 0.30%, Bilibili rose by 0.10%, XPeng Motors increased by 0.08%, while NIO fell by 1.82%, TSMC declined by 1.59%, NetEase decreased by 0.64%, and JD.com dropped by 0.26%.

In terms of continuously rising Chinese concept stocks, Global Lights increased by 0.19% over 11 consecutive days, with an overall increase of 0.47% during this period. Meiwu Technology rose by 10.77% over 7 consecutive days, with a total increase of 51.55% during this period. Zhihu Group increased by 1.17% over 5 consecutive days, with an overall increase of 17.67%. Meta Universe Holdings rose by 1.45% over 5 consecutive days, with a total increase of 46.60%. Nongmi Liangpin increased by 0.16% over 5 consecutive days, with an overall increase of 9.32% during this period.

In terms of continuously declining Chinese concept stocks, MicroAlgo fell by 4.59% over 8 consecutive days, with a total decrease of 44.40% during this period. Huibao dropped by 7.91% over 8 consecutive days, with an overall decrease of 37.25%. TH International fell by 5.17% over 7 consecutive days, with a total decrease of 26.94%. Nenglink Smart Power declined by 6.67% over 7 consecutive days, with an overall decrease of 27.84%. Baijia Cloud fell by 8.32% over 6 consecutive days, with a total decrease of 40.56%. BTC Digital dropped by 23.07% over 6 consecutive days, with an overall decrease of 60.21%.

Baidu's October Due Diligence Revealed a 7 Billion Yuan "Bad Debt Gap"? Jiyue Senior Management Denies
Reports have stated that Baidu sent a financial team for due diligence on Jiyue in October 2024 to prepare for a subsequent 3 billion investment. However, a Baidu representative stated that Jiyue has a pile of bad debts, with a financial gap of up to 7 billion, and decided not to continue investing. In response, a senior executive of Jiyue stated that the 7 billion is not a financial shortfall of Jiyue, but rather the expected loss amount for 2024 reported to Baidu at the end of 2023. The executive explained that Jiyue would need to spend a lot in 2024, covering settlement of supplier costs after the listing of Jiyue 01, costs related to the listing of Jiyue 07, and R&D for a new model to be launched in the first quarter of next year. Therefore, at the end of 2023, Jiyue reported an expected loss of 7 billion to Baidu, with 3 billion for R&D, 3 billion for marketing, and 1 billion for administrative expenses.

JD Logistics and General Logistics Sign Strategic Cooperation Framework Agreement
According to the agreement, the two parties will leverage their respective resources to deepen logistics business cooperation in vertical sectors such as 3C digital products, including transportation and allocation from warehouses to stores and direct delivery to consumers from warehouses.

NVIDIA's Tmall Flagship Store Empties and Removes All Products? Insiders: The Tmall Flagship Store is Only Used for Display, Not Direct Sales, Hence No "Removal"
According to self-media articles, NVIDIA's Tmall flagship store has emptied and removed all products. Insiders revealed that the flagship store is only used to display products and not for direct sales, so there is no "removal" involved. Reporters browsing the Tmall platform's "NVIDIA GeForce Flagship Store" found that the "products" section shows empty. Insiders informed that this section has always been empty, and consumers can browse product information through the "categories" section and be directed to order from ASUS, Gigabyte, and other manufacturers' flagship stores via links.

Li Auto Establishes a New Company in Jiangsu to Expand Sales Network and Engage in Second-hand Car Brokerage Business
Li Auto has established Chehejia Automobile Sales and Service Co., Ltd. in Jiangsu Province, with a registered capital of 1 million RMB and Lu Qing as the legal representative. The company’s business scope includes sales of new energy vehicles, second-hand car brokerage, and operation of electric vehicle charging infrastructure.

Jiyue and Baidu Plan to Hold Online Meeting to Negotiate Employee Social Security and Compensation Issues
Multiple insiders reported that Jiyue, Baidu executives, and some employees plan to hold an online meeting today at 16:00 to negotiate issues related to Jiyue Auto employees' social security and compensation. An insider stated, "Jiyue currently has no money, and Baidu has not directly intervened, so negotiations are necessary." Baidu holds 80% voting rights in Jiyue, and Jiyue has repeatedly approached Baidu for employee compensation issues, but Baidu executives have not answered calls.

NIO's Li Bin: The Third Factory Will Be Operational in the Third Quarter of Next Year
On December 12th, NIO's Chairman Li Bin stated at a media briefing that NIO's third (F3) factory will officially begin operation in the third quarter of next year.

NIO's Li Bin: China's New Energy Vehicle Penetration Rate Expected to Reach 75% Next Year
On December 12th, NIO's Chairman Li Bin stated at a media briefing that it is expected that by 2025, China's new energy vehicle penetration rate will reach 75%, and by 2027, it will reach 90%.

Fliggy: The Number of Vacation Merchants with Fulfillment GMV Exceeding 100 Million Yuan in 2024 is Three Times That of Last Year
On December 12th, Fliggy stated at the 2024 Annual Vacation Merchants Conference that under the open platform positioning, merchants' operational efficiency and satisfaction have continuously improved. In 2024, the number of vacation-type merchants such as travel agencies, amusement parks, and cruise lines on the Fliggy platform maintained a double-digit year-on-year growth. The number of merchants with fulfillment GMV exceeding 100 million yuan is three times that of last year, and the average order volume of gold merchants is more than double the overall level, with a conversion rate approximately 20% higher.

NIO's Li Bin: Chairman of Midea Fang Hongbo becomes Chief Experience Officer of NIO ET9 and Will Test Drive Together
On December 12th, NIO's Founder, Chairman, and CEO Li Bin posted on Weibo that Midea's Chairman Fang Hongbo has become the Chief Experience Officer of the NIO ET9 and will test drive this upcoming executive flagship together. Li Bin mentioned that he asked Fang Hongbo three questions, and Fang's answers regarding market competition were very insightful: "Actively participate in internal competition, compare costs and efficiency, and at the same time bravely step out of the internal competition. Don't compete on the ground, but aim to break through the ceiling."

Reports Claim iPhone 18 Pro to Use TSMC's 2nm Chip with Price Increase Up to 70%
According to reports, the A20 Pro processor of the iPhone 18 Pro in 2026 will be produced using TSMC's 2nm process for the first time, with the chip price rising from the current $50 to $85, a 70% increase. As costs rise, the price of the iPhone 18 Pro may also increase.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.