Most popular Chinese concept stocks closed on Wednesday, with 35 rising and 5 falling.
On Monday, the Dow and S&P fell to record highs, four major technology stocks including Google fell, Tesla rose slightly, and three Chinese electric car stocks all rose.
The most popular Chinese concept stocks closed on Wednesday, with 35 rising and 5 falling.
The specific performance of China Concept Stocks is as follows:
Among well-known Chinese concept stocks: GSX rose more than 13%, iQiyi rose more than 9%, Tencent Music rose nearly 6%, Pinduoduo and Bilibili rose more than 3%;
The big increases were: United Generation Technology (code: UTME) rose 875%, R&K Technology rose more than 14%, and Juhao Mall rose 11%;
Major declines were: Moxian fell 24%, Yibang International fell 12%, and Wunong.com fell 10%.
Market source: Futu Niuniu>
Focus Review
Archegos Fund’s liquidation of the victimized stocks rebounded together
Previously, the Chinese concept stocks that were heavily sold by the Archegos fund’s liquidation rebounded collectively. $GSX.US (GSX.US) rose more than 18% in intraday trading, and closed up 13%. $iQiyi (IQ. US)$ closed up 9.95%, $Tencent Music (TME.US)$ closed up 5.94%, and $Vipshop (VIPS.US)$ closed up 5.78%.
Ideal Motor intends to issue convertible senior notes not exceeding US$750 million
$Ideal Motors (LI.US)$ announced that the company will, depending on market conditions and other factors, recommend the issuance of convertible senior notes due 2028 not exceeding US$750 million. The initial conversion rate, interest rate and other terms have not yet been finalized and will be determined when the bill is priced. Ideal car fell 4.54% after the market.
The financing will be used for: new model development, including BEV models; advanced technology research and development; supplementary working capital and other general purposes.
Pinduoduo closed up 3.65%, and has gained 20% since recent lows
$Pidduoduo (PDD.US)$ stock price remained strong. It closed up 3.65% on Tuesday. The cumulative increase has reached 19% since its low on March 25, and its latest market value reached US$185.5 billion.
Alibaba rose by 2.34%. Earlier, it gained Munger to increase its position. Taobao’s new active merchants hit a new high in nearly five fiscal years.
$Alibaba (BABA.US)$ rose 2.34% on Tuesday, with a turnover of 4.1 billion US dollars and a market value of 625.1 billion US dollars.
On the news, according to the 13F file of Daily Journal Corp., the company opened a new position in Alibaba US stocks in the first quarter of 2021, and held 165,320 shares at the end of March. The market value of the holdings was about 3750 based on the current stock price. Ten thousand U.S. dollars.
Taobao revealed today that in Alibaba’s 2021 fiscal year (April 2020 to March 2021), the number of new active merchants on Taobao hit the highest value in five fiscal years since 2017.
According to data disclosed by Ali, in recent years, Taobao and Tmall’s annual business growth has been at the trillion level, which has driven the continuous influx of businesses. It is reported that Taobao’s businesses with sales of more than 1 million yuan last year have increased from 201750%, and this increase is achieved on a very high base.
Yibang International closed 13% down due to short selling, but rose 7% after the market
On Tuesday, Hindenburg Research released a short-selling report on EBON.US, saying that the company had stated that it would use most of the IPO financing to develop its business, but after investigation, it was found that the company passed a series of Unusual transactions with insiders and unidentified buyers transfer funds out of the company.
In the intraday trading, Yibang International fell more than 20% at one time, then closed down 12.91%, but rose 7.41% in after-hours trading.
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