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%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
