Hot Chinese ADRs Fell in Morning Trading

Tiger Newspress2023-05-24

Hot Chinese ADRs fell in morning trading.

Shares of Nio Inc. $(NIO)$ slumped 10.91% in morning trading Wednesday, weighed down by rival China-based electric vehicle maker XPeng Inc. $(XPEV)$ reported first-quarter results, which missed expectations by wide margins.

XPeng's first quarter revenue was RMB 4.03 billion, below Wall Street analysts' estimates of RMB 4.22 billion.

XPeng reported a net loss of RMB 2.34 billion for the first quarter, compared to market expectations of a net loss of RMB 1.898 billion and a net loss of RMB 1.7 billion for the same period last year.

iQiyi, Bilibili, JD.com slid over 3%; Baidu, Alibaba fell over 1%.

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miker9110
2023-05-26
miker9110
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