Chinese tech stocks end the week on a strong note!
Chinese tech stocks end the week on a strong note!
$HSI(HSI)$ jumps 5% on Friday (10/4), bringing the week's total gains to 17%! $KraneShares CSI China Internet ETF(KWEB)$ $KraneShares Hang Seng TECH Index ETF(KTEC)$ $Direxion Daily CSI China Internet Index Bull 2x Shares(CWEB)$
Strongest performers were $MEITUAN-W(03690)$ $MEITUAN(MPNGY)$ $JD.com(JD)$ $JD-SW(09618)$ $Trip.com Group Limited(TCOM)$ $TRIP.COM-S(09961)$ but also supercharged by smaller cap winners $SMIC(00981)$ (+29.5%), $SENSETIME-W(00020)$ (+19.2%), and $HUA HONG SEMI(01347)$ (+30.5%).
Highest premium to ADRs as follows:
$Alibaba(BABA)$ $BABA-W(09988)$ (4% premium)
$JD.com(JD)$ $JD-SW(09618)$ (5.5%)
$TRIP.COM-S(09961)$ $Trip.com Group Limited(TCOM)$ (8.2%) ‼️
$Baidu(BIDU)$ $BIDU-SW(09888)$ (4.2%)
$Li Auto(LI)$ $LI AUTO-W(02015)$ (6.1%)
$XPeng Inc.(XPEV)$ $XPENG-W(09868)$ (4.4%)
$NIO Inc.(NIO)$ $NIO-SW(09866)$ (4.8%)
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Latest data from HKEXGroup shows mainland ownership in $Alibaba(BABA)$ $BABA-W(09988)$ via the Stock Connect hit a new record of 514.6 million shares (2.67%) as of Monday, which was the only trading day this week for China markets.
That's about HK$50 billion (US$6.5bn) worth of money flowing into Alibaba from Chinese brokerage accounts in just the last 17 trading days.
Alibaba proves what's always been the case all along. If it's a good company, Chinese investors will want to own shares given the correct market conditions. The market conditions have substantially improved over the past month thanks to Beijing's stimulus measures.
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https://twitter.com/BrianTycangco/status/1842118338014831058
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- AuntieAaA·10-07GOODLikeReport