On August 26th (Monday), Eastern Time, the three major US stock indices fluctuated. The S&P 500 Index fell 0.32% to 5616.84 points; the Dow Jones Index rose 0.16% to 41240.52 points; and the Nasdaq Index fell 0.85% to 17725.77 points.
On August 26th, the Nasdaq Golden Dragon China Index fell 0.76%. Among popular Chinese concept stocks, XPeng Motors rose 7.13%, Baidu rose 0.61%, NetEase rose 0.50%, Bilibili fell 4.55%, Alibaba fell 4.26%, JD.com fell 3.84%, Pinduoduo fell 28.51%, TSMC fell 1.27%, and NIO fell 1.10%.
Consecutive Gaining Chinese Concept Stocks
Companies that have been gaining consecutively include Meihua International, which rose 15.23% over 8 days with a cumulative increase of 30.23%; Deswell Industries, which rose 0.82% over 7 days with a cumulative increase of 9.29%; Huasheng Technology, which rose 4.72% over 6 days with a cumulative increase of 40.15%; Hongli Group, which rose 2.20% over 6 days with a cumulative increase of 27.40%; Zai Lab, which rose 5.60% over 5 days with a cumulative increase of 12.01%; Jiayin Group, which rose 7.52% over 5 days with a cumulative increase of 10.71%; Shengfeng Logistics, which rose 0.79% over 5 days with a cumulative increase of 1.60%; I-Mab, which rose 7.00% over 5 days with a cumulative increase of 9.24%; 17 Education & Technology Group, which rose 1.23% over 5 days with a cumulative increase of 5.81%; Best Group, which rose 0.37% over 5 days with a cumulative increase of 0.92%; and Singularity Future Technology, which rose 0.79% over 5 days with a cumulative increase of 59.77%.
Consecutive Declining Chinese Concept Stocks
Companies that have been declining consecutively include Yatsen Holding, which fell 6.87% over 7 days with a cumulative decrease of 17.46%; XChange, which fell 2.05% over 6 days with a cumulative decrease of 18.68%; Hutchmed, which fell 0.52% over 5 days with a cumulative decrease of 7.04%; China Biyuan Energy, which fell 4.67% over 5 days with a cumulative decrease of 8.11%; and X3 Holdings, which fell 10.00% over 5 days with a cumulative decrease of 17.54%.
Chinese Concept Stock News
Trip.com Group's Adjusted Earnings per ADS Exceeds Expectations in Q2
Trip.com Group's adjusted earnings per ADS for the second quarter were 7.25 yuan, while analysts expected 5.22 yuan. Second-quarter revenue was 12.79 billion yuan, up 14% year-on-year, and analysts expected 12.75 billion yuan.
Beijing's Appliance Trade-in Program Launched on JD.com, Up to 16,000 Yuan Subsidy Per Person
On August 26th, it was reported that the "Implementation Details for Subsidies on Appliance Trade-in in Beijing" were released, offering substantial subsidies for eight categories of products including appliances and computers. JD.com has undertaken the online distribution of these subsidies, and the Beijing event has already been launched. Both trade-ins and direct purchases are eligible for subsidies. Nationally, each person can receive a one-time subsidy per product category, with a maximum subsidy of 2,000 yuan per category, and up to 16,000 yuan for all eight categories combined.
Pinduoduo's Chen Lei: Still in Investment Phase, No Plans for Buybacks or Dividends in the Coming Years
During the Pinduoduo earnings call, Pinduoduo Chairman and Co-CEO Chen Lei stated that the company is still in an investment phase. The company is facing intense competition and external uncertainties across multiple business lines. Therefore, Chen Lei and the management team collectively believe that it is not appropriate to consider capital buybacks or dividends at this time, nor in the foreseeable future.
Yu Minhong "Cashed Out 800 Million"? Oriental Selection Refutes Rumors
On August 26th, Oriental Selection issued a statement addressing false rumors circulating online, particularly denying the claim that Yu Minhong had cashed out 800 million yuan. The company stated that since Oriental Selection went public, Yu Minhong has never cashed out any stocks and has instead been increasing his holdings, showing confidence in the company's long-term development.
Pinduoduo Falls 30%, Breaks Below $100 Mark
Pinduoduo fell 30%, breaking below the $100 mark, marking the largest intraday drop since 2022. Second-quarter revenue was 97.06 billion yuan, while the market expected 99.985 billion yuan. During the earnings call, Pinduoduo's Chen Lei stated that the company is still in an investment phase and will not be conducting buybacks or dividends in the coming years.
Ping An of China: All Conditions for Lufax's Offer Have Been Met
Ping An of China announced that all conditions for Lufax's offer have been met as of August 26th, 2024, regarding the mandatory unconditional cash offer made by Morgan Stanley on behalf of the joint offerors.
XPeng's Self-Developed Chip Taped Out, Computing Power Three Times That of Competitors, Custom-Designed for AI
XPeng Motors' self-developed intelligent driving chip has successfully taped out. According to insiders, XPeng's intelligent driving chip is specifically designed for AI needs, end-to-end large models, and supports integrated cockpit and driving central computing architecture. The AI computing power is close to the level of three mainstream intelligent driving chips combined. It is also reported that on August 27th, during XPeng's 10th anniversary and the M03 launch event, XPeng Motors will officially release information about the self-developed chip. XPeng Motors Chairman and CEO hinted on his personal Weibo account that "it will not disappoint everyone."
Pinduoduo Invests 10 Billion to Support New Quality Merchants, Waives 10 Billion in Fees
To further enhance its ecosystem, Pinduoduo announced a 10 billion yuan investment to support new quality merchants and introduced a transaction fee waiver plan. Over the next year, it is expected to waive 10 billion yuan in transaction fees for quality merchants. Currently, Pinduoduo has introduced resource position technology service fee and promotion software service fee refund rights, continuously helping merchants improve quality and efficiency through a comprehensive support policy.
Pinduoduo: Second Quarter Revenue 97.06 Billion Yuan
Second-quarter revenue was 97.06 billion yuan, compared to 52.281 billion yuan in the same period last year. The market expectation was 99.985 billion yuan.
Trip.com: Summer Charter Tour Orders Nearly Tripled Compared to 2019
On August 26th, Trip.com released the "2024 Summer Charter Tour Report," showing significant growth in the charter tour market. This summer, Trip.com's overall charter tour orders increased by 30% year-on-year, nearly tripling compared to 2019. Domestic charter tour orders increased by nearly 20% year-on-year, while outbound charter tour orders increased by 55% year-on-year.
JD.com to Invest 1 Billion Yuan Monthly in Cash and Traffic to Attract Influencers and Institutions
JD.com will invest an additional 1 billion yuan in cash and traffic resources monthly to provide unlimited subsidies and support for quality institutions and influencers.
XPeng Huitian Establishes Flying Car Manufacturing Company
According to Tianyancha App, on August 22nd, Guangzhou Huitian Flying Car Manufacturing Co., Ltd. was established with Zhao Deli as the legal representative and a registered capital of 500 million yuan. The company will engage in sales of aviation transportation equipment, aviation operation support services, manufacturing of auto parts, intelligent unmanned aerial vehicle manufacturing, AI application software development, AI theory and algorithm software development, communication equipment manufacturing, and design and production of civil aircraft parts. The company is wholly owned by Guangdong Huitian Flying Car Co., Ltd., which in turn is wholly owned by XPeng Motors' HT Flying Car (Hong Kong) Limited.
Wuhan NIO Energy Company Adds AI Software Business
According to Tianyancha App, on August 24th, Wuhan NIO Energy Co., Ltd. underwent a business change, adding software development, AI basic software development, AI application software development, AI theory and algorithm software development, and internet information services to its business scope. At the same time, Chairman Qin Lihong stepped down as legal representative, and Manager Shen Fei took over. Wuhan NIO Energy Co., Ltd. was established in May 2017 with a registered capital of 784 million yuan, wholly owned by NIO Energy Investment (Hubei) Co., Ltd.
IDC Report: Baidu Smart Cloud Ranks First in China's AI Public Cloud Market for Five Consecutive Years
Recently, IT market research and consulting company IDC released the "China AI Public Cloud Service Market Share (2023)" report. The report shows that in 2023, the overall scale of China's AI public cloud service market reached 12.61 billion yuan, with Baidu Smart Cloud ranking first with a market share of 26.4%. Baidu Smart Cloud has maintained the top position in the Chinese market for five consecutive years since IDC began publishing the China AI public cloud market report.
TaoBao and Xiaomi Collaborate on "Virtual Test Drive": Launching on September 9, Using Self-Developed Engine Technology
According to internal sources, the "Virtual Test Drive" project, a collaboration between TaoBao and Xiaomi Motors, will officially launch on September 9th. Users who previously reserved a free trial on the TaoBao Vision Pro version have received internal testing invitations. The project achieves 3D rendering effects through TaoBao's self-developed engine technology.
XPeng Motors: Chairman He Xiaopeng Has Increased His Holdings and Plans Further Increases
XPeng Motors announced on the Hong Kong Stock Exchange that its co-founder, executive director, chairman, CEO, and controlling shareholder He Xiaopeng purchased a total of 1,000,000 Class A ordinary shares on the open market from August 21st to August 23rd, 2024, at an average price of HKD 27.13 per Class A ordinary share. He also purchased a total of 1,419,922 American Depositary Shares through his wholly-owned Galaxy Dynasty Limited at an average price of USD 7.02 per American Depositary Share. He Xiaopeng also informed the company that, subject to applicable laws and regulations, he plans to further increase his holdings in the company.