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

On Wednesday, November 20, Eastern Time, the three major U.S. stock indices showed mixed results. The S&P 500 index rose by 0.00%, closing at 5,917.11 points; the Dow Jones index increased by 0.32%, closing at 43,408.47 points; while the Nasdaq index fell by 0.11%, closing at 18,966.14 points.

On November 19, the Nasdaq Golden Dragon China Index fell by 0.75%.

Regarding popular Chinese concept stocks, Bilibili rose by 3.62%, NetEase by 2.16%, XPeng by 0.96%, Baidu by 0.85%, NIO by 0.43%, while Pinduoduo fell by 1.01%, TSMC by 0.66%, Alibaba by 0.39%, and JD.com by 0.03%.

In terms of consistently rising Chinese concept stocks: Weibo rose by 1.44% over five consecutive days with an aggregate increase of 12.09%; Burning Rock Biotech increased by 0.87% over five days with a cumulative rise of 32.57%; Baidu saw a 0.85% rise over four days with an increase of 3.21%; Full Truck Alliance surged by 14.82% over four days with a 19.27% increase; Qifu Technology rose by 8.91% over four days with a 20.02% increase; X Financial increased by 1.12% over four days with an 8.25% increase; Uxin rose by 7.98% over four days with a 27.93% increase; 21Vianet rose by 1.62% over four days with a 10.26% increase; Deswell Industries increased by 0.58% over four days with a 2.35% increase; China Green Agriculture rose by 5.95% over four days with a 16.67% increase; Four Seasons Education increased by 0.14% over four days with a 0.50% increase; Honliv Healthcare Management Group rose by 8.55% over four days with a 15.44% increase; Yunji rose by 3.52% over four days with a 37.24% increase.

Regarding consistently declining Chinese concept stocks: Fangdd Network fell by 2.28% over nine consecutive days with a cumulative loss of 55.80%; DouYu dropped by 1.62% over seven days with a 16.19% decrease; Niu Technologies fell by 2.19% over seven days with a 20.80% decrease; ChinaNet Online Holdings dropped by 1.90% over seven days with a 22.69% decrease; Recon Technology fell by 4.88% over six days with a 17.45% decrease; CN Energy fell by 10.96% over six days with a 36.55% decrease; Xunlei fell by 3.31% over six days with a 22.57% decrease.

Chinese Concept Stock News

Taobao Launches "Price Negotiation" Feature
The Taobao App has recently launched a "Price Negotiation" feature, located in the shopping cart settlement interface of the Taobao App. It is reported that during the 618 shopping festival this year, Taobao had introduced a "Tmall AI Bargaining Assistant" in the Tmall App, and the "Price Negotiation" feature is an upgrade of this function, now gradually applicable to some goods on the Taobao App.

XPeng Motors Refutes Rumors of Using Pouch Batteries: Firmly Fighting Against False Information
Recently, the legal department of XPeng Motors issued a statement via Weibo, refuting false information on social media and some online platforms regarding the use of pouch batteries in the XPeng P7+. XPeng Motors clarified that the P7+ actually uses square aluminum shell batteries and urged the public not to believe or spread these rumors. The company has collected evidence regarding the dissemination of false information and reserves the right to pursue legal actions. XPeng emphasizes that the public should obtain accurate product information through official channels to protect the reputation of the XPeng P7+ and prevent misleading impacts on the brand and consumers.

Li Bin: NIO's Brand Sales Decline in October Was Intentional and Expected
In a conference call after releasing the financial report tonight, William Li, the founder, chairman, and CEO of NIO, responded to the month-on-month decline in brand sales in October. Li stated that the decline in sales was intentional due to gross margin pressure from multiple months of delivering 20,000 units, leading to a partial recall of promotional policies in October, and the impact on sales was within expectations. Enhancing gross margin levels is a core goal for the NIO brand, and in the future, multiple brands will play their respective roles. "Currently, this strategy is successful, with an overlap of less than 20% between users of the ALPS and NIO brands, and the incremental growth far exceeds this.

Alibaba: Awards 2.4934 Million Shares to Employees Under the 2024 Plan
Alibaba announced that on November 19, 2024, the company awarded 2.4934 million shares to several employees under the terms of the 2024 plan.

NIO's Third Brand Named Firefly, First Model to Deliver in First Half of 2025
NIO officially named its third brand "firefly" and announced that the first product will share the brand's name. The firefly brand is positioned within NIO similarly to BMW Group's MINI brand, and the first model is expected to start deliveries in the first half of 2025.

Canaan Technology Announces Q3 Report: Revenue Up 120.9% YoY, Mined 147 Bitcoins
Canaan Technology today released its unaudited financial results for the quarter ending September 30, 2024, with total revenue of $73.61 million, exceeding the previous expectation of $73 million, and growing by 120.9% year-on-year. Total sales computing power reached approximately 7.3 million Thash/s, up 93.8% year-on-year. Mining revenue was $8.96 million, with 147 Bitcoins mined, generating an average revenue of $61,034 per Bitcoin. Operating loss was $56.84 million, narrowing by 49.6% year-on-year. For the fourth quarter of 2024, the company expects total revenue to be approximately $80 million.

NIO Reports Q3 Revenue of 18.67 Billion Yuan
NIO today released its financial report for the third quarter of 2024, which ended on September 30: total revenue was 18.6735 billion yuan, a year-on-year decrease of 2.1% and a quarter-on-quarter increase of 7.0%. The net loss was 5.0597 billion yuan, an increase of 11.0% year-on-year, and a 0.3% increase quarter-on-quarter. Adjusted net loss, not in accordance with U.S. GAAP, was 4.4126 billion yuan, an increase of 11.6% year-on-year and a decrease of 2.7% quarter-on-quarter.

Ant Group’s Eric Jing: AI Brings Era of Large-scale Personalization to Service Industry
At the main forum of the 2024 World Internet Conference Wuzhen Summit on November 20, Eric Jing, Chairman and CEO of Ant Group, stated that AI will fundamentally change all industries, bringing a true era of large-scale personalization to the service industry. He believes that developing AI for people is key to making AI accessible and beneficial to everyone. Therefore, while being hopeful about the future of AI, we must also bear the responsibilities AI brings and safeguard AI security.

XPeng Motors Co-President Brian Gu: Company Expected to Break Even in Late 2025
XPeng Motors Co-President Brian Gu stated that the company is actively exploring various options to address EU tariff issues from feasibility, cost, and strategic perspectives, and expects the company to break even in late 2025. XPeng is in discussions with "dozens" of car manufacturers for collaboration on intelligent driving. XPeng's investment in AI next year will steadily increase, becoming a "large part" of overall R&D spending.

Alibaba CEO Wu Yongming: Focusing on Two Things for the AI Era
The 2024 World Internet Conference Wuzhen Summit opened on the 20th. At the main forum, Alibaba CEO Wu Yongming stated that for the AI era, Alibaba focuses on two things: continuously improving AI infrastructure and related support systems, and adhering to open source and openness, working with a wide range of ecosystem partners to transform AI capabilities into productivity across industries. Currently, the cost of calling the "Tongyi Qianwen" API per million tokens has been reduced to 0.5 yuan. Global developers have developed more than 78,000 derivative models based on "Tongyi Qianwen," on par with the U.S. Meta's Llama, leading globally in user scale.

Haier Group Responds to Rumors of Acquiring Autohome: No Comment on Market Rumors
On November 20, reports suggested that Haier Group might acquire Autohome. In response, Haier Group stated, "Thank you for your attention, but we do not comment on market rumors."

XPeng Motors to Launch Range-Extending Vehicle Next Year, He Xiaopeng: China's NEV Industry to Enter Elimination Phase in Next Three Years
"Having been through two years of headwinds, I believe XPeng is about to enter a brand new positive cycle," said He Xiaopeng, Chairman, and CEO of XPeng Motors, during the company's third-quarter earnings call. Behind the accelerated launch of new products, He Xiaopeng believes that China's NEV industry will enter an elimination phase in the next three years. "On one hand, China's NEV penetration rate will reach over 85%; on the other hand, AI transformation will also drive NEV penetration to the next stage," said He Xiaopeng. "Next year, XPeng Motors will first make high-level intelligent driving hardware and software standard across all models, lowering the threshold for high-level intelligent driving to 150,000 yuan. By 2025, XPeng Motors will have leaps in both autonomous driving and vehicle intelligence."

Haier's Acquisition of Autohome Confirmed? Haier Internal Source: Still Unaware
There are reports that Haier Group's plan to acquire Autohome has been confirmed, and Haier may soon officially announce this news. In response to this query, an internal source from Haier Group stated, "Still unaware." Reports suggest that Haier's acquisition involves buying a part of Autohome's equity to achieve control, with plans to lay off 30% of Autohome's staff by January next year after the acquisition. By the end of this year, the Haier-related team will officially move in, and significant changes are expected in Autohome's senior management. It is rumored that Autohome is currently looking for a new CEO.

Ant Group Establishes Reinforcement Learning Lab, Wu Yi Appointed Chief Scientist
Ant Group recently announced the establishment of a Reinforcement Learning Lab and invited Wu Yi, founder of the leading domestic embodied intelligence