Why Chinese Tech Stocks Lost Up To 10%
Why Chinese Tech Stocks Lost Up To 10% . (MENAFN - Baystreet) 
Confidence in China's macroeconomic level stimulus, tax breaks, and interest rate cuts continued to fade. After they boosted stocks on September 24, 2024, PDD Holdings (PDD) ...
América - MenaFN
(MENAFN- Baystreet) Confidence in China's macroeconomic level stimulus, tax breaks, and interest rate cuts continued to fade. After they boosted on September 24, 2024, PDD Holdings (PDD) lost 10.64% on Thursday. The firm owns Temu.

PDD posted non-GAAP EPADS of $2.41. Revenue grew by 44% Y/Y to $14.16. Both figures missed expectations. Now that competition is increasing and the U.S. will close tax break loopholes, Temu will need to collaborate with its ecosystem partners. Additionally, the firm needs to spend heavily to develop its merchant ecosystem. For example, it supported high-quality merchants by cutting RMB10 billion in fees.

Baidu (BIDU), considered the Tesla of self-driving in China and Google search, posted revenue falling by 3% Y/Y, or $4.78 billion. The firm ended the quarter with $20.59 billion in cash and cash equivalents. BIDU stock looks like the best-undervalued company. However, the USA will enforce regulations that limit Baidu's growth globally.

iQIYI (IQ), where Baidu holds a stake, reported revenue falling by 10.0% Y/Y to $1 billion. It posted an EPADS of $0.07.

The weak Chinese tech markets pulled JD (JD) and Alibaba (BABA) lower. BABA stock traded as high as over $115 in early October. However, it closed at $85.58, reminding speculators how risky even a big e-commerce firm is for investors.
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https://menafn.com/1108917886/Why-Chinese-Tech-Stocks-Lost-Up-To-10
2024-11-23
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(MENAFN - Baystreet) 
Confidence in China's macroeconomic level stimulus, tax breaks, and interest rate cuts continued to fade. After they boosted stocks on September 24, 2024, PDD Holdings (PDD) ...
Why Chinese Tech Stocks Lost Up To 10%