Hot Chinese ADRs Slid in Morning Trading, With XPeng Dropping over 7%

Tiger Newspress03-22

Hot Chinese ADRs slid in morning trading.

XPeng fell over 7%; Tencent Music fell over 3%; Alibaba, Nio, Li Auto, JD.com fell about 2%; Bilibili, NetEase fell about 1%.

Investors have shifted their focus back to corporate earnings after digesting positive factors like China’s market support measures and Thursday’s Fed decision. Weak earnings risk derailing the rebound in Chinese ADRs.

Li Auto on Thursday revised down its delivery outlook for 1Q24, citing lower-than-expected order intake.

The electric vehicle manufacturer now anticipates delivering between 76,000 and 78,000 vehicles, a significant reduction from the initial estimate of 100,000 to 103,000 vehicles. Li Auto’s U.S.-listed shares fell over 8% in morning trading.

Alibaba Group has raised $357.8 million by selling Bilibili's shares, Bloomberg reported Thursday, citing people familiar with the matter.

According to the report, the company priced the sale of 30.85 million shares at $11.60 each. It had earlier marketed the shares in an $11.60 to $12.28 range.

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Wel_len
03-22
Wel_len
@麦教授随笔 r DD,

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