Invesco Golden Dragon China ETF (NASDAQ: PGJ)

最新ニュース Invesco Golden Dragon China ETF (NASDAQ:PGJ)

Invesco Golden Dragon China ETF

PowerShares Golden Dragon China Portfolio

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The generally will invest at least 90% of its total assets in the securities that comprise the underlying index. The underlying index is composed of securities of U.S. exchange-listed companies that are headquartered or incorporated in the Peoples Republic of China. The fund is non-diversified.

Alibaba Group

Trip.com Group Ltd ADR

Jd.com Inc.- Adr

Baidu Inc ADR Class A

Yum China Holdings Inc

NetEase Inc

Tencent Music Entertainment Group

New Oriental Education & Technology Group, Inc., ADR

Nio Inc

Zto Express Cayman Inc

INVSC GOLDEN DRAGON ETF

NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares are<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener"> trading higher on Tuesday.</a>
According to a <a target="_blank" href="https://cnevpost.com/2024/11/04/nio-adds-65-swap-stations-china-oct-2024/" rel="noreferrer noopener">report</a> from CnEV Post, the company expanded its battery swap network by adding 65 new stations in China in October.
The report, citing an update shared on the NIO App, said this brings the total number of battery swap stations to 2,621 by the end of October.
Among the 65 newly installed stations, 21 are strategically placed along highways, and all feature the company&#8217;s latest fourth-generation technology.
As of today, Nio operates 2,632 battery swap stations in China, with 873 of them situated along highways, according to data tracked by CnEVPost.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has lost over 33% in the past year. Investors can gain exposure to the stock via&nbsp;Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/11/41740703/whats-going-on-with-us-listed-chinese-stocks-like-alibaba-jd-nio-on-tuesday" rel="noreferrer noopener">What&#8217;s Going On With US Listed Chinese Stocks Like Alibaba, JD, Nio On Tuesday?</a>
Meanwhile, NIO is reportedly<a target="_blank" href="https://www.benzinga.com/markets/equities/24/11/41707165/nio-shares-are-up-nearly-2-in-pre-market-whats-going-on" rel="noreferrer noopener"> working on a hybrid electric car under the Firefly brand.</a>
The hybrid model will be sold in overseas markets including the Middle East, North Africa, and Europe but not within China, according to a Reuters report.
Currently, NIO manufactures only battery electric vehicles.
Nio investor Abu Dhabi investment vehicle&nbsp;CYVN Holdings suggested the hybrid model to boost sales in the Middle Eastern markets where there is not sufficient charging infrastructure for mass adoption of BEVs.
While the vehicle is slated for launch in late 2026, deliveries are expected to commence in 2027.
Price Action: NIO shares are trading higher by 2.92% to $5.29 at last check Tuesday.
Photo via Shutterstock

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General

ETF Series Solutions Grayscale Future of Finance ETF

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PowerShares Golden Dragon Halter USX China Portfolio

NIO Expands Battery Swap Network With 65 New Stations In China: Report

Yum China Holdings, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NYSE">YUMC</a>) shares are trading higher after the company <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n41707435/yum-china-reports-third-quarter-results" rel="noreferrer noopener">reported&nbsp;third-quarter&nbsp;results</a>.
Revenue increased&nbsp;5%&nbsp;year over year to&nbsp;$3.07 billion,&nbsp;beating the consensus of&nbsp;$3.05 billion.
Total system sales rose&nbsp;4%&nbsp;year over year, excluding currency effects, due to a&nbsp;7%&nbsp;increase in net new units.
Same-store sales were at&nbsp;97%&nbsp;of last year&#8217;s level, with same-store transactions up&nbsp;1% in the quarter.
Yum China&#8217;s delivery sales rose 18% year-over-year, continuing the double-digit annual growth trend the company has maintained for over a decade.
Digital sales hit&nbsp;$2.61&nbsp;billion&nbsp;in the quarter, with digital ordering comprising about&nbsp;90%&nbsp;of total company sales.
KFC&#8217;s system sales grew&nbsp;6%, driven by an&nbsp;8%&nbsp;contribution from new units, while Pizza Hut&#8217;s system&nbsp;sales rose&nbsp;2%, also boosted by a&nbsp;7%&nbsp;increase from new units.
Core operating profit grew&nbsp;18%&nbsp;to&nbsp;$369 million, with a margin of&nbsp;12.1%&nbsp;vs.&nbsp;10.7%&nbsp;a year ago quarter. Adjusted EPS of&nbsp;$0.77 surpassed<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener"> the street view of&nbsp;$0.68</a>.
As of September 30, 2024, the total store count was 15,861, comprising 11,283&nbsp;KFC and 3,606&nbsp;Pizza Hut locations.
The company added 438&nbsp;net new stores in the quarter, with 145&nbsp;opened by franchisees.
In the&nbsp;third quarter, Yum China returned&nbsp;$248 million&nbsp;to shareholders through share repurchases and cash dividends.
Buyback: In November 2024, Yum China&#8217;s board raised the company&#8217;s share repurchase authorization by $1 billion, totaling $4.4 billion in buyback capacity since 2017.
By November 1, Yum China repurchased about 71.8 million shares for $3.0 billion, leaving $1.4 billion in remaining authorization.
Dividend: The board declared a cash dividend of $0.16 per share, payable on December 17, 2024, to shareholders of record on November 26, 2024.
Joey&nbsp;Wat, CEO of&nbsp;Yum China, said, &#8220;By optimizing our delivery strategy, we have captured more smaller order transactions and gained market share on aggregator platforms. Our breakthrough business models, side-by-side&nbsp;KCOFFEE Cafes and Pizza Hut WOW, enabled us to broaden our addressable market and capture new customer demand, reaching 500 and 150 stores, respectively.&#8221;
&#8220;We anticipate the franchise mix of net new stores will gradually increase to 40-50% for&nbsp;KFC&nbsp;and 20-30% for&nbsp;Pizza Hut<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> over the next few years</a>.&#8221;
&#8220;With our confidence in our cash generating capabilities, we plan to step up capital returns to shareholders, increasing from&nbsp;$3 billion&nbsp;to&nbsp;$4.5 billion&nbsp;between 2024 and 2026.&#8221;
Outlook: Yum China reiterated FY24 targets to open 1,500 to 1,700 new stores, invest $700 million to $850 million in capital expenditures, and return $1.5 billion to shareholders through <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">dividends and share repurchases</a>.
Investors can gain exposure to the stock via AdvisorShares Restaurant ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EATZ#NYSE">EATZ</a>) and Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
Price Action: YUMC shares are up 10.1% at $49.60 premarket at the last check Monday.
Photo by aleks-dorohovich- for Unsplash
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/10/41365546/yum-china-stock-bounces-back-can-recent-rally-beat-short-term-headwinds" target="_blank" rel="noreferrer noopener">Yum China Stock Bounces Back: Can Recent Rally Beat Short-Term Headwinds?</a></li>
</ul>

Earnings

Guidance

Dividends

Buybacks

EATZ

FCTE

YUMC

Yum China Q3 Earnings Surprise: KFC & Pizza Hut Power Earnings Beat, Reiterates Capex Plan To Open ~1,500-1,700 Net New Stores

China&#8217;s recent decision to cut interest rates has led to a decline in several China-focused exchange-traded funds (ETFs). The move, aimed at stimulating economic growth, has instead sparked concerns among investors about its broader implications.
What Happened: Several China-focused ETFs experienced declines following the country&#8217;s interest rate reduction. According to <a href="https://pro.benzinga.com">Benzinga Pro</a>, the KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>) fell by 2.30% on Monday pre-market. The iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) saw a decrease of 1.74%, while the Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) dropped by 0.85%. iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>) also dropped by 1.56%.
See Also: <a href="https://www.benzinga.com/news/24/10/41415419/kevin-oleary-calls-for-400-tariffs-on-china-but-his-shark-tank-co-star-and-friend-mark-cuban-fires-b?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kevin O&#8217;Leary Calls for 400% Tariffs On China, But His &#8216;Shark Tank&#8217; Co-Star And Friend Mark Cuban Fires Back With Business Concerns</a>
These declines come amid China&#8217;s decision to cut interest rates, a move that typically aims to stimulate economic growth. However, the immediate impact on these ETFs suggests investor concerns about the broader implications of such monetary policy adjustments.
Why It Matters: The rate cuts come at a time when investor sentiment towards Chinese markets is already fragile. Hopes for a<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41316058/chinese-stocks-etfs-struggle-as-multi-trillion-yuan-stimulus-hopes-fall-short-yet-m"> multi-trillion-yuan stimulus</a> package were dashed when Chinese authorities failed to deliver the anticipated measures. This lack of concrete fiscal support has left traders underwhelmed, despite signals of increased fiscal support.
Further compounding the issue, U.S.-listed Chinese stock<a href="https://www.benzinga.com/news/24/10/41424736/alibaba-nio-baidu-stocks-decline-amid-chinas-rate-cuts-whats-going-on">s also experienced a downturn</a> as Beijing implemented a reduction in its primary lending rates. Major companies such as Alibaba Group Holding Ltd , Baidu, Inc. , and NIO Inc. saw significant declines. This indicates a broader market reaction to China&#8217;s monetary policy adjustments, affecting both domestic and international investors.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/technicals/24/10/41385450/this-chinese-ev-makers-stock-is-about-to-make-a-golden-cross?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">NIO: Chinese EV Maker Stock About To Make Golden Cross</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image via Shutterstock

Pre-Market Outlook

ETFs

KWEB

MCHI

US-Listed Chinese ETFs Drop After Beijing Cuts Interest Rates

NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares are <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading higher on Friday</a>.
In fact, shares of U.S.-listed Chinese stocks are trading higher after China&#8217;s September retail sales and industrial production<a target="_blank" href="https://www.benzinga.com/news/24/10/41399129/why-us-listed-china-etfs-are-gaining-up-to-6-in-fridays-premarket" rel="noreferrer noopener"> data beat estimates.</a>
China&#8217;s GDP grew by <a href="https://www.benzinga.com/markets/equities/24/10/41182930/china-was-tipping-into-a-japan-style-lost-decade-of-deflation-and-stagnation-before-late-septemb" target="_blank" rel="noreferrer noopener">4.6% year-over-year </a>in the third quarter, surpassing the prediction of Reuters poll. However, this growth was slightly below the 4.7% recorded in the previous quarter, reportedly marking the slowest pace since mid-last year and moving further from Beijing&#8217;s 5% annual target.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has lost over 34% in the past year. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and&nbsp;KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>).
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/asia/24/10/41324527/as-chinas-stimulus-hype-wanes-beijing-reportedly-weighs-850b-special-treasury-bonds-to-stimulate-eco?itm_source=parsely-api" rel="noreferrer noopener">As China&#8217;s Stimulus Hype Wanes, Beijing Reportedly Weighs $850B Special Treasury Bonds To Stimulate Economy And Tackle Local Debt</a>
In the meantime, the electric vehicle manufacturer has formed a partnership with UAE telecom group e&amp;, setting the stage for the launch of its models in the region.
&#8220;Proud to join forces with @eAndUAE in an exciting new collaboration focused on innovative connectivity and premium EV solutions. This partnership marks a pivotal moment in shaping the future of smart mobility and enhancing the driving experience for users in the UAE and MENA,&#8221; NIO UAE said in a <a target="_blank" href="https://x.com/NIOUAE/status/1847197934820966753" rel="noreferrer noopener">post</a> in X.
Last year, NIO secured two <a target="_blank" href="https://ir.nio.com/news-releases/news-release-details/nio-inc-announces-us22-billion-strategic-equity-investment-cyvn" rel="noreferrer noopener">investments </a>from Abu Dhabi&#8217;s CYVN Holdings, making the Middle Eastern investor its largest shareholder.
However, the company&#8217;s founder, chairman, and CEO, William Li, still retains the majority of voting rights, <a target="_blank" href="https://cnevpost.com/2024/10/18/nio-partners-with-uae-telecoms-group-on-connectivity/" rel="noreferrer noopener">reported </a>CnEV Post.
Earlier this month, NIO teamed up with Abu Dhabi-based CYVN Holdings, a prominent investor in smart and advanced mobility, to <a target="_blank" href="https://www.nio.com/en_AE/news/nio-cyvn-holdings" rel="noreferrer noopener">establish </a>NIO MENA.
This partnership signifies NIO&#8217;s entry into the Middle East and North Africa (MENA) region, where the company plans to introduce innovative electric vehicle solutions that support the region&#8217;s sustainable development objectives.
Price Action: NIO shares are trading higher by 6% to $5.46 premarket at last check Friday.
Photo by Sundry Photography on Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/earnings/24/10/41399396/pharmacy-retailer-cvs-health-backs-away-from-annual-forecast-names-new-ceo" target="_blank" rel="noreferrer noopener">Pharmacy Retailer CVS Health Backs Away From Annual Forecast, Names New CEO</a></li>
</ul>

KARS

Why Is NIO Stock Gaining Today?

Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) is doubling its artificial intelligence (AI) investments to regain its mojo in Southeast Asia&#8217;s e-commerce space.
Over the past two years, the Chinese e-commerce juggernaut has invested about $2 billion in regional platform Lazada, a portion of which is going behind AI and logistics upgrades to fend off fierce competition in a region where profit margins are notoriously slim.
Shopee holds a dominant 45% market share in Southeast Asia, while TikTok Shop has rapidly captured 20% of the market since launching its e-commerce operations. Lazada, in contrast, held a 20% market share last year, the Wall Street Journal <a target="_blank" href="https://www.wsj.com/business/alibabas-southeast-asia-unit-lazada-pushes-ai-investment-to-regain-market-share-0030526b?mod=business_lead_pos1" rel="noreferrer noopener">cites</a> Bernstein Research.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/10/41378473/alibaba-and-jd-com-ease-rivalry-share-logistics-in-response-to-economic-challenges" rel="noreferrer noopener">Alibaba And JD.com Ease Rivalry, Share Logistics In Response To Economic Challenges</a>
While Lazada appeals more to older shoppers, platforms like Shopee and TikTok Shop have gained popularity among younger, tech-savvy consumers who prefer livestreaming and social commerce.
AI-driven improvements, including personalized shopping recommendations and AI-based after-sales services, are in the works, the WSJ cites Lazada&#8217;s CEO, James Dong.
Dong emphasized that these innovations will help Lazada attract a broader user base and streamline logistics for sellers on the platform.
With AI tools embedded into Lazada&#8217;s platform, sellers can generate market-specific content, forecast demand more accurately, and improve logistical planning.
<a target="_blank" href="https://www.benzinga.com/news/24/10/41314820/alibabas-lazada-courts-armani-and-other-luxury-brands-seeks-edge-over-rivals-in-southeast-asia" rel="noreferrer noopener">Recent reports indicated</a> Lazada is courting European luxury brands to boost its moat.
Lazada targeted $100 billion in e-commerce volume by 2030. For the first time, Lazada became&nbsp;EBITDA positive in&nbsp;July 2024, backed by its artificial intelligence-enabled operations and improved online marketing.
Alibaba&#8217;s move signifies its efforts to boost growth via geographical expansion as China battles a weak economy further exacerbated by regulatory crackdowns and geopolitical tensions with the US.
Alibaba&#8217;s e-commerce business is already grappling with intense price rivalry with domestic rivals, and the US sanctions restrict its prospects of integrating AI technology from the likes of Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
Alibaba stock gained 21% in the last 30 days as China slashed key rates, and reports indicated additional stimulus to boost growth.
Investors can gain exposure to Alibaba through Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and JPMorgan US Tech Leaders ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JTEK#NASDAQ">JTEK</a>).
Price Action:&nbsp;BABA stock is down by 0.82% at $101.34 premarket at&nbsp;the last check Thursday.
Also Read:
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<li><a href="https://www.benzinga.com/news/24/10/41336235/chinese-e-commerce-firms-alibaba-jd-pdd-gear-up-for-singles-day-shopping-festival" target="_blank" rel="noreferrer noopener">Chinese E-Commerce Firms Alibaba, JD, PDD Gear Up For Singles&#8217; Day Shopping Festival</a></li>
</ul>
Image by Quality Stock Arts via Shutterstock

Government

Emerging Markets

Tech

BABA

JTEK

NVDA

Alibaba's Lazada Leverages AI in E-Commerce Race Against Shopee and TikTok Shop

China is reportedly considering issuing 6 trillion yuan, approximately $850 billion, in ultra-long special treasury bonds over the next three years. This potential move aims to bolster the nation&#8217;s slowing economy through fiscal stimulus.
What Happened: Sources indicate that the funds from these bonds will be partially used to help local governments manage their hidden debts. This speculation follows the Ministry of Finance&#8217;s announcement to address local government debt pressures, although specific figures were not disclosed during a recent press briefing, according to a <a href="https://www.caixinglobal.com/2024-10-14/exclusive-china-may-issue-6-trillion-yuan-in-treasury-bonds-to-buttress-economy-102245341.html">report</a> by Caixin Global on Tuesday.
See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41322578/teslas-chinese-rivals-move-to-calm-fears-of-an-european-invasion-that-threatens-legacy-players-n?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla&#8217;s Chinese Rivals Move To Calm Fears Of An European &#8216;Invasion&#8217; That Threatens Legacy Players: &#8216;Not Going To Overthrow Anybody Who&#8217;s Developed Over 100 Years&#8217;</a>
Xing Zhaopeng, a senior China strategist at ANZ, shared with Reuters that this development aligns with expectations. He stated, &#8220;For next year, we still think a growth target of around 5% is likely to be maintained. So, for a 5% growth rate, that should be enough.&#8221;
Why It Matters: The anticipation of China&#8217;s fiscal stimulus has been a significant factor influencing investor sentiment. Recently, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41316058/chinese-stocks-etfs-struggle-as-multi-trillion-yuan-stimulus-hopes-fall-short-yet-m">U.S.-listed Chinese stocks</a> experienced a downturn as investors were left underwhelmed by a high-level briefing from Chinese authorities that did not meet expectations for substantial economic measures. Despite hints of increased fiscal support, the absence of a large-scale package has left traders disappointed.
Stocks such as Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), Baidu, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>), and JD.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) have seen declines of 6% to over 8% in the past five days. Similarly, Chinese electric vehicle stocks like NIO Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) and XPeng Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) <a href="https://www.benzinga.com/government/24/10/41312039/whats-going-on-with-us-listed-chinese-stocks-alibaba-baidu-nio-xpeng-on-monday">have also traded lower</a>, with other EV stocks, including Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>), losing over 3% to 11% in the same period.
Price Action: According to <a href="https://pro.benzinga.com">Benzinga Pro</a>, at the time of writing on Tuesday during the after-hours, Invesco Golden Dragon China (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) was showed a 2.13% decline while iShares MSCI China Multisector Tech ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCHI#NASDAQ">TCHI</a>) was up by 4.28%, Meanwhile, iShares China Large Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) was up by 0.27%, while iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>) was down by 0.35%.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41182930/china-was-tipping-into-a-japan-style-lost-decade-of-deflation-and-stagnation-before-late-septemb?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">China Was Tipping Into A Japan-Style &#8216;Lost Decade&#8217; Of Deflation And Stagnation Before Late-September Stim</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Shutterstock

Asia

Global

BIDU

TCHI

XPEV

As China's Stimulus Hype Wanes, Beijing Reportedly Weighs $850B Special Treasury Bonds To Stimulate Economy And Tackle Local Debt

U.S.-listed Chinese stocks faced a <a href="https://www.benzinga.com/topic/china">sluggish start to the week</a>. 
Investor sentiment faltered following a high-level briefing from Chinese authorities that lacked the concrete stimulus measures many had anticipated. 
Despite signals of increased fiscal support, the absence of a large-scale economic package left traders underwhelmed.
<h3 class="wp-block-heading">Weekend Briefing Misses Expectations</h3>
To stabilize the economy, the Chinese Ministry of Finance (MoF) hinted at a press conference on Oct. 12 that it may raise the government debt ceiling, support local governments, address issues in the property market, and bolster major banks.
However, the MoF stopped short of announcing the multi-trillion-yuan stimulus package that markets had hoped for. 
The lack of details on measures to boost consumer demand and spark a stronger economic recovery weighed heavily on investor sentiment. 
<h3 class="wp-block-heading">Key Announcements</h3>
<ul>
<li>The MoF indicated that $300 billion (RMB2.3 trillion) in local government special bond funds would be used in Q4, suggesting a more aggressive fiscal push toward the end of the year.</li>
<li>The National Development and Reform Commission (NDRC) announced plans to pre-approve RMB200 billion worth of projects for 2024 by the end of October, intending to start construction by year-end.</li>
</ul>
<h3 class="wp-block-heading">Analyst Reactions</h3>
Helen Qiao, Asian economist at Bank of America, emphasized that the market had been eagerly awaiting more specific details about the upcoming fiscal stimulus.
"Markets have been keen to know the size, timing, and composition of any potential fiscal package," she said in a note.
&#8220;While the Oct. 12 announcement appears to lack details, in our view, it does not rule out a decent-sized fiscal package to be rolled out in the coming weeks,&#8221; Qiao added.
Qiao also indicated that while more measures to boost consumption &#8216;are still on the table,&#8217; though they are not expected until 2025. 
&#8220;As we have cautioned earlier, the MoF is not in the capacity of announcing any budget revisions before receiving greenlights from the NPC.&#8221;
Hui Shan, an economist at Goldman Sachs, saw the briefing as a sign that China is refocusing its economic policy towards growth.
&#8220;Although the much-anticipated Ministry of Finance (MoF) press conference on October 12 did not spell out great details on the upcoming fiscal stimulus package, officials provided strong forward guidance on increased fiscal support,&#8221; Shan said.
She further highlighted a shift in policy focus: &#8220;The Chinese government has clearly made a turn on cyclical policy management and increased its focus on growth.&#8221;
As a result of this shift, Goldman Sachs revised its fourth-quarter growth forecast, raising it from 5.5% to 7.5% on a quarter-over-quarter basis. The firm also increased its 2024 GDP forecast from 4.7% to 4.9%, and raised its 2025 GDP forecast from 4.3% to 4.7%. 
<h2 class="wp-block-heading">Mixed Performances For Chinese Stocks</h2>
Following the announcement, U.S.-listed Chinese stocks experienced a mixed response. Several key names suffered losses as disappointment over the lack of immediate stimulus took hold.
<ul>
<li>Alibaba Group Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) slipped 0.6%.</li>
<li>PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) fell 2.8%.</li>
<li>Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) dropped 3.9%.</li>
</ul>
However, not all stocks saw declines:
<ul>
<li>JD.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) bucked the trend, rising 2.3%.</li>
<li>KE Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BEKE#NASDAQ">BEKE</a>), a real estate broker, surged over 5% on optimism about future property market support.</li>
</ul>
<h3 class="wp-block-heading">Chinese ETFs also reacted, largely trending downward:</h3>
<ul>
<li>iShares China Large Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) stayed flat.</li>
<li>iShares MSCI China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NYSE">MCHI</a>) dipped 0.3%.</li>
<li>KraneShares CSI Internet China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>) fell 0.9%.</li>
<li>Invesco Golden Dragon China (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) declined 0.7%.</li>
<li>First Trust China AlphaDEX Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FCA#NASDAQ">FCA</a>) dropped 0.5%.</li>
<li>iShares China Multisector Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TCHI#NYSE">TCHI</a>) slid 1.2%.</li>
<li>Franklin FTSE China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLCH#NYSE">FLCH</a>) edged down 0.2%.</li>
</ul>
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Image: Shutterstock

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Citigourp Global Markets 2% Protected Notes Linked To The Djia

Chinese Stocks, ETFs Struggle As Multi-Trillion-Yuan Stimulus Hopes Fall Short, Yet More Measures 'Are Still On The Table'

Chinese equities have staged a dramatic comeback in the past few weeks on the back of policy stimulus, with the MSCI China Index, tracked by the iShares MSCI China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NYSE">MCHI</a>), surging over 35% <a href="https://www.benzinga.com/topic/china">between Sept. 24 and Oct. 7. </a>
This &#8220;fast and furious&#8221; rally, as described by Bank of America analysts Winnie Wu and Willie Chan, outpaced the performance of other major markets globally and more than doubled the year-to-date gains of the S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>).
The rally has been driven by a series of aggressive monetary easing policies unveiled by Chinese authorities, alongside renewed government commitments to stabilize the country&#8217;s troubled property sector.
<h1 class="wp-block-heading">Year-To-Date Performance: MSCI China Doubles S&amp;P 500</h1>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="455" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07123344/image-41-1024x455.png" alt="" class="wp-image-583894" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07123344/image-41-1024x455.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07123344/image-41-300x133.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07123344/image-41-768x342.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07123344/image-41-1536x683.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07123344/image-41.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Chart:<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent100724&amp;t=be2bearmibe3na1"> Benzinga Pro</a></figcaption></figure>
<h1 class="wp-block-heading">A $2 Trillion Market Surge</h1>
From Sept. 23 to 30, the MSCI China Index added nearly $2 trillion in market capitalization. Some of the largest beneficiaries were blue-chip companies like Kweichow Moutai, which jumped 39% (adding $88 billion in market cap), Tencent Holdings ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>), which climbed 15% (adding $70 billion) and Alibaba Group Holding Ltd. &#8211; ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), which surged 27%, increasing its market value by $58 billion.
This rapid market appreciation reflects growing optimism among investors that China's policymakers are taking serious steps to address the country's economic challenges, including deflationary pressures, a property market downturn and mounting local government debt.
<h1 class="wp-block-heading">Key Stimulus Measures Fuel The Rally</h1>
The rally was sparked by a series of unexpected policy announcements starting on Sept. 23. That day, the People's Bank of China (PBoC) surprised markets by cutting its 14-day reverse repurchase rate by 10 basis points to 1.85%, injecting approximately $10.6 billion (74.5 billion yuan) into the banking system.
The following day, the PBoC Governor Pan Gongsheng announced a more substantial measure: the central bank would cut the reserve requirement ratio by 50 basis points, injecting about $142.5 billion (one trillion yuan) into the financial system. In addition, the seven-day repo rate was reduced by 20 basis points, and the central bank pledged to lower benchmark loan prime rates and existing mortgage rates by around 50 basis points, potentially reducing household interest payments by about $21 billion (150 billion yuan).
Further easing came on Sept. 25, when the PBoC lowered its one-year medium-term lending facility (MLF) rate by 30 basis points, followed by fiscal pledges to inject capital into state-owned banks. 
Last but not least, the PBoC ordered commercial banks to reduce interest rates on existing mortgages, with rates no less than 30 basis points below the Loan Prime Rate before Oct. 31.
<h1 class="wp-block-heading">Chinese Equity ETFs Post Massive Gains</h1>
These moves have propelled Chinese equity ETFs to outperform the S&amp;P 500 and other global benchmarks by a significant margin. From Sept. 24 to Oct. 7, several China-focused ETFs posted eye-whopping gains:
<ul>
<li>Invesco China Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CQQQ#NYSE">CQQQ</a>): +52%</li>
<li>iShares MSCI China A ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNYA#NYSE">CNYA</a>): +48%</li>
<li>XTrackers Harvest CSI 300 China A-Shares ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASHR#NYSE">ASHR</a>): +47%</li>
<li>WisdomTree China ex-State-Owned Enterprises Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CXSE#NASDAQ">CXSE</a>): +43%</li>
<li>KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>): +40%</li>
<li>SPDR S&amp;P China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GXC#NYSE">GXC</a>): +38%</li>
<li>Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>): +36%</li>
<li>iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>): +32%</li>
</ul>
<h1 class="wp-block-heading">Caution Ahead: Potential for Pullbacks</h1>
While the rally has been robust, analysts at Bank of America advise caution.
&#8220;More fiscal stimulus&nbsp;to stabilize the property market&nbsp;and&nbsp;restructure local government debts,&nbsp;and structural reforms&nbsp;to address&nbsp;the&nbsp;over-capacity/deflation&nbsp;issues&nbsp;are&nbsp;needed to turn&nbsp;around the economy,&#8221; they wrote.
In their report, analysts warn the current &#8220;buy everything&#8221; stage may soon end, particularly if no further positive catalysts materialize.
High-beta consumer, property and broker stocks, which have rallied sharply, could be the first to experience profit-taking. However, the analysts suggest long-term investors could view any potential pullbacks as buying opportunities, particularly in sectors like large-cap internet stocks and high-yield state-owned enterprises (SOEs), which they consider less volatile.
For the fourth quarter of 2024, Bank of America remains constructive on several sectors, including internet (media, online retail), insurance, and health care, particularly in life sciences and biotech, which delivered strong performance in the third quarter.
They are cautious about brokerage stocks after the strong rally and have downgraded utilities (gas, water) due to earnings downgrades and unattractive valuations. Additionally, they remain bearish on the property, auto, construction materials and chemicals sectors, as they believe a fundamental recovery in these areas will take more time.
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Photo: Shutterstock

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'Fast And Furious Rally' Pushes Chinese Stocks To Double S&P 500 Performance Year To Date

NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) stock is trading higher on Tuesday after the company reported a year-over-year increase in<a href="https://www.benzinga.com/movers" target="_blank" rel="noreferrer noopener"> September and third-quarter delivery results.</a>
The company reported delivering 21,181 vehicles in September 2024, reflecting<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41111742/nio-inc-provides-september-and-third-quarter-2024-delivery-update" rel="noreferrer noopener"> a year-over-year increase of 35.4%</a>. This total included 20,349 vehicles from its premium smart electric vehicle brand, NIO, and 832 vehicles from its family-oriented brand, ONVO. As of September 30, 2024, cumulative deliveries reached 598,875.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has lost over 23% in 2023. Investors can gain exposure to the stock via&nbsp;Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41114350/chinese-ev-trio-nio-xpeng-li-auto-surge-higher-in-tuesdays-premarket-whats-going-on" rel="noreferrer noopener">Chinese EV Trio Nio, XPeng, Li Auto Surge Higher In Tuesday&#8217;s Premarket: What&#8217;s Going On</a>
Last month, Monolith, a provider of artificial intelligence (AI) software for cutting-edge engineering teams, had been <a target="_blank" href="https://www.monolithai.com/press-release/nio-europe-collaboration" rel="noreferrer noopener">selected </a>by NIO to collaborate on AI-driven anomaly detection in electric vehicle batteries.
The company will implement Monolith&#8217;s Anomaly Detector AI software to monitor battery performance using data collected from the field.
This information will serve as a foundation for comparing test-bench results and will be integrated into further verification efforts. With the Anomaly Detector, engineers from NIO and Monolith can identify abnormalities in cross-channel data relationships at an unprecedented speed.
&#8220;By combining our expertise in battery performance with Monolith&#8217;s advanced laboratory capabilities, we&#8217;re setting new standards in battery monitoring, ensuring unparalleled efficiency and reinforcing NIO&#8217;s dedication to innovation and quality,&#8221; said Frank Kindermann, Head of Battery System Europe at NIO.&nbsp;
Price Action: NIO shares are trading higher by 2.33% to $6.83 at last check Tuesday.
Photo by Sundry Photography on Shutterstock
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What's Going On With NIO Stock Tuesday?

Alibaba Group Holding&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) cloud computing services unit tapped&nbsp;Nvidia&nbsp;Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) to boost the&nbsp;autonomous driving&nbsp;experience for Chinese smart vehicle owners like Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>),&nbsp;Great Wall Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GWLLY#OTC">GWLLY</a>),&nbsp;Geely Auto&#8217;s&nbsp;ZEEKR Intelligent Technology Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>)&nbsp;and the EV unit of&nbsp;Xiaomi Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACY#OTC">XIACY</a>).
China is currently grappling with U.S. advanced semiconductor sanctions, which have restricted its access to Nvidia and other chipmakers&#8217; sophisticated artificial intelligence chips.
The U.S. chip companies opposed the U.S. move, citing the importance of China as a key semiconductor market. Alibaba has also voiced how the embargo has affected its AI endeavors.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/09/40923879/chinas-ymtc-makes-strides-in-chip-production-substitutes-asml-lam-research-tech-as-us-sanctions-bite" rel="noreferrer noopener">China&#8217;s YMTC Makes Strides in Chip Production; Substitutes ASML, Lam Research Tech As US Sanctions Bite: Report</a>
Alibaba Cloud showcased a large multimodal model (LMM) solution for automotive applications that it co-developed with its intelligent cockpit solution provider Banma Network Technology and Nvidia at the&nbsp;Apsara Conference, SCMP <a target="_blank" href="https://www.scmp.com/tech/big-tech/article/3279428/alibaba-nvidia-collaborate-advanced-autonomous-driving-solution-computing-services" rel="noreferrer noopener">reports</a>.
Alibaba Cloud integrated Qwen&#8217;s portfolio of proprietary large language models (LLMs) with Nvidia&#8217;s Drive AGX Orin platform for autonomous vehicles. The new LMM solution will enable in-car voice assistants to offer recommendations, and execute voice commands SCMP cites Alibaba Cloud.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23042244/newplot-17.png" alt="" class="wp-image-560553" style="width:920px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23042244/newplot-17.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23042244/newplot-17-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Nvidia and Alibaba Cloud look to Qwen LLMs to Nvidia&#8217;s Drive Thor, a centralized car computing platform.
Last week, Alibaba kicked off its <a target="_blank" href="https://www.benzinga.com/government/24/09/40936014/whats-going-on-with-chinese-tech-stocks-like-alibaba-pdd-on-thursday" rel="noreferrer noopener">Aspara Conference 2024</a>, showcasing 100 open-source AI models catering to applications and sectors ranging from automobiles to gaming and science research.
Chinese e-commerce juggernaut Alibaba Group Holding&#8217;s stock has risen over 1% in the last 12 months as the weak domestic economy and geopolitical tensions bite.
Investors can gain exposure to the stock through the Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and the Trust for Professional Managers ActivePassive International Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APIE#NYSE">APIE</a>).
Price Actions: BABA stock is up 0.85% at $89.04 premarket at last check Monday.
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Photo by Fooksou Lamimo via Wikimedia Commons

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Alibaba Teams Up With Nvidia to Supercharge EVs for Chinese Automakers: Report

Chinese EV manufacturer NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares are trading lower in<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener"> the premarket session on Tuesday.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has lost over 46% in the past year. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and&nbsp;KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>).
Today, Chinese automotive powerhouse Chery has joined Nio&#8217;s charging network, becoming the 13th company to do so, <a target="_blank" href="https://cnevpost.com/2024/09/10/chery-plugs-into-nio-charging-network/" rel="noreferrer noopener">reported </a>CnEV Post. On September 10, Wuhan Nio Energy Co Ltd (NIO Power) and Anhui Chery Green Energy Ecological Technology Co Ltd formalized their partnership through a charging service cooperation agreement.
NIO Power&#8217;s charging network is now accessible to brands such as Chery, Exceed, and Jetour, offering a broad range of efficient and convenient charging services, the report read.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40761185/teslas-ambitious-fsd-roadmap-nio-accelerates-with-strong-guidance-faraday-future-ge" rel="noreferrer noopener">Tesla&#8217;s Ambitious FSD Roadmap, Nio Accelerates With Strong Guidance, Faraday Future Gets Lifeline And More: Biggest EV Stories Of The Week</a>
This partnership adds another company to the list of those collaborating with Nio to share its charging facilities, as they aim to leverage one of China&#8217;s largest and most extensive charging networks, the report noted.
NIO&#8217;s charging network has consistently been accessible to other EV brands.
As of today, NIO boasts one of the largest public charging networks among Chinese car brands, featuring 2,339 supercharging stations with 10,669 charging piles and 1,638 destination charging stations with 12,613 chargers across China.
Additionally, the company operates 2,510 battery swap stations in the country, 843 of which are situated along highways.
Chery&#8217;s partnership with NIO to charge network sharing is the second such announcement this month. On September 5, Dongfeng Motor&#8217;s premium electric off-road brand, M-Hero, also announced it would access NIO&#8217;s charging network, CnEV Post added.
Price Action: NIO shares are trading lower by 1.80% to $5.47 premarket at last check Tuesday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

What's Going On With NIO Shares Tuesday?

NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares are trading marginally higher in the <a href="https://www.benzinga.com/premarket" target="_blank" rel="noreferrer noopener">premarket session on Friday.</a>
The company reported Thursday fiscal second-quarter revenue of 17.45 billion yuan ($2.4 billion), up 98.9% year-over-year and 76.1%%<a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener"> from the previous quarter.</a>
Analysts, on average, estimated revenue of&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/g40724888/nio-inc-reports-unaudited-second-quarter-2024-financial-results" rel="noreferrer noopener">$2.44 billion&nbsp;for the quarter</a>.
Excluding share-based compensation expenses, the company reported an adjusted loss per share/ADS of 2.21 yuan or 30 cents compared to a loss of 3.28 yuan in the year-ago quarter and 2.39 yuan in the first quarter of 2024.
Analysts had called for a <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">loss of 31 cents per share</a>. The stock price gained after the print.
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/09/40726231/nio-q2-earnings-eps-beat-deliveries-growth-strong-q3-outlook-and-more" target="_blank" rel="noreferrer noopener">NIO Q2 Earnings: EPS Beat, Deliveries Growth, Strong Q3 Outlook And More</a>
JPMorgan analyst Nick Lai upgraded the stock from Neutral to Overweight, raising<a href="https://www.benzinga.com/quote/NIO/analyst-ratings" target="_blank" rel="noreferrer noopener"> the price target from $5.3 to $8</a>.
Meanwhile, NIO co-founder and president Qin Lihong recently disclosed that the electric vehicle manufacturer aims to deliver 220,000 vehicles in 2024. This is the first time the company&#8217;s management has publicly announced a specific delivery target, <a href="https://cnevpost.com/2024/09/06/nio-aims-to-deliver-220000-cars-2024/" target="_blank" rel="noreferrer noopener">reported</a> CnEV Post.
Qin shared this goal during an interview with local automotive media outlet Auto Home at the Chengdu auto show.
NIO announced on Sept. 1 that it delivered 20,176 vehicles in August, marking the fourth consecutive month of deliveries exceeding 20,000 units.
According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has lost over 54% in the past year. Investors can gain exposure to the stock via KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) and Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
Price Action: NIO shares are trading higher by 1.24% to $4.90 premarket at last check Friday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

What's Going On With NIO Shares Today?

NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares are trading higher <a target="_blank" href="https://www.benzinga.com/quote/NIO" rel="noreferrer noopener">in the premarket session on Wednesday.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has gained over 6% in the past month. Investors can gain exposure to the stock via&nbsp;KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) and&nbsp;Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
Last month, the electric vehicle (EV) manufacturer increased the number of battery swap stations by 40 in China, as documented on the Nio App today, <a target="_blank" href="https://cnevpost.com/2024/09/04/nio-adds-40-swap-stations-aug-2024/" rel="noreferrer noopener">reported</a> CnEV Post.
This figure represents a significant rise from the 19 stations added in July, although it remains lower than last year.
The report read that 35 of the battery swap stations added last month were the latest fourth-generation models. This indicates that NIO also introduced five older-generation stations in August.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40646699/teslas-china-woes-just-got-worse-xpengs-model-3-killer-receives-over-30k-orders-in-48-hours-of-l" rel="noreferrer noopener">Tesla&#8217;s China Woes Just Got Worse: XPeng&#8217;s Model 3 Killer Receives Over 30K Orders In 48 Hours Of Launch</a>
NIO revealed its fourth-generation swap stations during Nio Day 2023 on December 23, 2023, and began operating the first of these new stations on June 13, 2024.
At NIO Day 2023, the company announced plans to add 1,000 battery swap stations in 2024. However, in July, NIO founder, chairman, and CEO William Li suggested that this target might be postponed.
By the end of 2023, NIO had 2,316 battery swap stations in China. As of the end of August, this number had risen to 2,498, and it currently stands at 2,504.
At its Power Up 2024 event on August 20, the company detailed its progress and new infrastructure plans, aiming for its battery swap station network to cover over 2,300 counties by December 31, 2025.
NIO has already begun implementing its Power Up Counties plan, with five county-level regions seeing their first Nio battery swap station go live in August, as reported today.
In August, NIO performed 2.37 million battery swap services, averaging 76,680 per day. This equates to approximately one battery swap service completed every 1.13 seconds.
On average, each NIO user utilized the battery swap service four times in August, with each swap taking about three minutes, the report highlighted
Price Action: NIO shares are trading higher by 2.65% to $4.26 premarket at last check Wednesday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

What's Going On With NIO Shares Wednesday?

NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares are<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener"> trading lower on Tuesday in the premarket session.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has lost over 62% in the past year. Investors can gain exposure to the stock via&nbsp;KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) and Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
The company is set to adjust its charging model for its flagship battery swap service in China, aiming to balance cost with user experience as the service gains traction, CnEV Post reported.
A user briefing on these changes will be held on Friday, September 6, at 7 pm Beijing time, as announced on the NIO App today, the report read.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-electric-vehicle-stocks" rel="noreferrer noopener">Best EV Stocks</a>
Additionally, as stated in the company&#8217;s announcement on August 22, Nio will release its unaudited financial results for the second quarter on Thursday, September 5, 2024, <a href="https://www.benzinga.com//node/40501940" target="_blank" rel="noreferrer noopener">prior to the opening of U.S. markets.</a>
Nio inaugurated its first battery swap station in Shenzhen on May 20, 2018. As of yesterday, the company has expanded to 2,500 such stations in China and operates 54 stations in Europe, CnEV Post added.
On August 5, Nio achieved a cumulative total of 50 million battery swap services.
In August 2024, NIO delivered 20,176 vehicles, including 11,923 premium smart electric SUVs and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/g40668125/nio-inc-provides-august-2024-delivery-update" rel="noreferrer noopener">8,253 premium smart electric sedans.</a> As of August 31, 2024, NIO&#8217;s total cumulative deliveries reached 577,694 vehicles.
Price Action: NIO shares are down 0.51% at $4.02 premarket at the last check Tuesday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

What's Going On With NIO Stock Today?

Bank of America is bullish on <a href="https://www.benzinga.com/markets/equities/24/07/39701760/nvidia-alibaba-jumia-technologies-chipotle-tesla-why-these-5-stocks-are-on-investors-radars-toda">Alibaba Group Holding</a> Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and expects a 6% spike in year-over-year revenue when the Chinese e-commerce company reports first-quarter earnings Thursday.
The expected a 6% increase in revenue to 248 billion yuan is in line with analyst consensus.
Analyst Joyce Ju said Alibaba&#8217;s customer management revenue in the Chinese market is expected to rise 2.3% to 81.5 billion yuan ($114 billion). Gross merchandise value is forecasted to rise by a single-digit percentage after Alibaba overhauled its Taobao e-commerce platform in an initiative carried out by Taobao and Tmall, Alibaba&#8217;s domestic e-commerce unit, the analyst said. 
&nbsp;&#8220;We believe TT managed to slightly outgrow the industry as physical online goods sales reported by NBS was only 6.4% in 2Q24,&#8221; she wrote in a note.
Ju reiterated an Outperform rating on Alibaba and raised the price target from $103 to $106.
Alibaba revamped its webpage<a href="https://www.benzinga.com/news/24/05/38670543/alibabas-to-overhaul-taobao-in-strategic-move-to-reclaim-e-commerce-dominance"> earlier this year</a> in its most significant update in seven years to improve the shopping experience ahead of China's major 618 shopping festival in late May.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/05/38805886/gamestop-amc-alibaba-rivian-tesla-why-these-5-stocks-are-on-investors-radars-today">GameStop, AMC, Alibaba, Rivian, Tesla: Why These 5 Stocks Are On Investors&#8217; Radars Today</a>
The upgrade focused on streamlining the layout and simplifying the search and buying process for users and merchants.&nbsp;
Alibaba&#8217;s full-year revenue is expected to grow to 125 billion yuan by 2025, according to BofA. 
BABA Price Action: Shares of Alibaba were down 1.8% to $79.60 at the time of publication Wednesday.
This decline was mirrored across several related ETFs:
<ul>
<li>Invesco Golden Dragon China ETFProShares Online Retail ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) fell 1.91%.</li>
<li>ProShares Online Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONLN#NYSE">ONLN</a>) slipped 0.24%.</li>
<li>Global X E-commerce ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBIZ#NASDAQ">EBIZ</a>) decreased 1.09%.</li>
<li>ProShares Long Online/Short Stores ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLIX#NYSE">CLIX</a>) dropped 0.65%.</li>
<li>Matthews Pacific Tiger Active ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASIA#NYSE">ASIA</a>) slid 0.85%.</li>
</ul>
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Photo courtesy Alibaba.

ASIA

CLIX

EBIZ

ONLN

Alibaba's Taobao Overhaul Boosts Growth: Analyst Expects 6% Quarterly Revenue Spike

Yum China Holdings, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NYSE">YUMC</a>) shares are trading higher after the company reported second-quarter results yesterday. Revenue&nbsp;increased 1% year over year to&nbsp;$2.68 billion, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40172102/yum-china-reports-second-quarter-results" rel="noreferrer noopener">missing the consensus of $2.77 billion</a>.
Total system sales rose 4% Y/Y, excluding currency effects, due to an 8% increase of in net new units.
Same-store sales were at 96% of last year&#8217;s level, with same-store transactions up 4% Y/Y in the quarter. Delivery sales increased 11% YoY, continuing Yum China&#8217;s decade-long double-digit growth trend.
Digital sales hit $2.2 billion in the quarter, with digital ordering comprising about 90% of total company sales.
KFC&#8217;s system sales grew 5% YoY, driven by an 8% contribution from new units, while Pizza Hut&#8217;s system&nbsp;sales rose 1% YoY, also boosted by an 8% increase from new units.
Core operating profit grew 12% Y/Y to $275 million, with a margin of 10.0% vs. 9.3% a year ago quarter. EPS $0.55 surpassed<a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener"> the street view of $0.47</a>.
As of June 30, 2024, the total store count was 15,423, comprising 10,931 KFC and 3,504 Pizza Hut locations. The company added 401 net new stores in the quarter, with 99 opened by franchisees.
In the second quarter, Yum China returned $249 million to shareholders through share repurchases and cash dividends.
Joey Wat, CEO of Yum China, said, &#8220;We achieved our most profitable second quarter since the spin-off, with core operating profit growing by 12% despite challenging industry dynamics. Our sharp focus on value-for-money and innovative new products worked well, driving robust same-store transaction growth.&#8221;
Outlook: Yum China reiterated FY24 targets and plans to open 1,500 to 1,700 new stores, invest $700 million to $850 million in capital expenditures, and return $1.5 billion to shareholders through <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">dividends and share repurchases</a>.
Apart from this, Yum China disclosed that Chief Financial Officer Andy Yeung will resign for personal reasons, effective September 30, 2024. Adrian Ding will serve as <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40172088/yum-china-board-announces-cfo-transition-and-welcomes-new-board-member" rel="noreferrer noopener">Acting CFO starting October 1, 2024</a>.
Yum China&nbsp;also announced the appointment of&nbsp;Mikel Durham to the Board of Directors, effective&nbsp;August 12, 2024. In connection with the&nbsp;appointment, the&nbsp;size of the&nbsp;Board was increased to&nbsp;12&nbsp;directors, ten of whom are independent.
Investors can gain exposure to YUMC via Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and Global X MSCI China Consumer Discretionary ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHIQ#NYSE">CHIQ</a>).
Price Action: YUMC shares are up 8.39% at $32.30 premarket at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by aleks-dorohovich- for Unsplash

CHIQ

Restaurant Company Yum China Posts Mixed Q2 Results, Announces CFO Change

Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) shares are trading <a href="https://www.benzinga.com/premarket">higher in premarket today</a>.
The tech company unveiled an upgraded version of its AI model, Ernie 4.0 Turbo, on Friday as part of its strategy to stay competitive in China&#8217;s rapidly evolving AI market. 
The launch follows the release of Ernie 4 in October 2023, which Baidu claimed was on par with OpenAI&#8217;s GPT-4 in terms of capabilities, reported Reuters.
The new model will be available to the public through web and mobile app interfaces. Developers can integrate the technology through Baidu&#8217;s Qianfan AI platform, Wang Haifeng, Baidu&#8217;s Chief Technology Officer, stated at a corporate event. 
Since its launch, Ernie has amassed 300 million users. Baidu also announced enhancements to its PaddlePaddle AI ecosystem, which now supports 14.65 million developers and serves 370,000 businesses and institutions.
Also Read: <a href="https://www.benzinga.com/news/24/06/39502578/openais-china-exit-sets-stage-for-local-ai-surge-with-baidu-alibaba-as-potential-gainers">OpenAI&#8217;s China Exit Sets Stage For Local AI Surge With Baidu, Alibaba As Potential Gainers</a>
OpenAI recently announced it would block access to its API from <a href="https://www.benzinga.com/news/24/06/39476585/chatgpt-maker-openai-to-restrict-access-to-ai-tools-in-china-amid-rising-tensions-report">China and other countries starting July 9</a>. 
This decision is likely to impact many Chinese startups that rely on OpenAI&#8217;s technology. In response, Baidu, Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), and other domestic AI firms have launched initiatives to attract these users by offering free migration services and incentives.
The upgraded Ernie 4.0 Turbo aims to provide users with a powerful AI tool that can rival international counterparts. 
Baidu stock has lost more than 38% in the last 12 months. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and Global X Social Media ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOCL#NASDAQ">SOCL</a>).
Price Action: BIDU shares are trading higher by 0.42% at $87.40 in premarket at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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SOCL

What's Happening With Baidu's Shares On Friday?

DouYu International Holdings Limited&nbsp;(NASDAQ:&nbsp;DOYU) reported a fiscal first-quarter 2024 revenue decline of 29.9% to $144 million year-on-year, missing the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/n39177624/douyu-international-holdings-limited-reports-first-quarter-2024-unaudited-financial-results" rel="noreferrer noopener">analyst consensus estimate of $184 million</a>.
The Chinese game-centric live streaming platform&#8217;s adjusted earnings per ADS loss of $(0.37) <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">compared to $1.10 Y/Y</a>. The stock price declined after the results.
Segments: DouYu&#8217;s Livestreaming revenues decreased by 41.5% Y/Y to $110.9 million due to the soft macroeconomic environment.
Advertising and other revenues increased by 109.3% Y/Y to $33.1 million, primarily attributable to the increase in other revenues contributed by other innovative business.
Gross margin declined from 11.9% to 10.5% Y/Y, attributable to decreased livestreaming revenues.
DouYu held $936.6 million in cash and equivalents as of March-end.
Drivers: DouYu&#8217;s quarterly average mobile MAUs fell to 45.3 million, down from 50.2 million a year ago.&nbsp;The quarterly average paying user count decreased to 3.4 million from 4.5 million a year ago.
Hao Cao, Vice President of DouYu, commented, &#8220;While we shore up our fundamentals, we continue to face revenue pressures from soft macroeconomic conditions and ongoing adjustments to the livestreaming business, as well as operating uncertainties.&#8221;
The stock gained over 42% in the last six months. Investors can gain exposure to it via the&nbsp;Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>)&nbsp;and&nbsp;the SPDR S&amp;P China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GXC#NYSE">GXC</a>).
Price Action: DOYU shares traded lower by 4.15% at $9.70 premarket at the last check Wednesday.
Photo via Shutterstock

DOYU

DouYu's Q1 Performance Falters: CEO Highlights Soft Market Challenges

Trip.com Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCOM#NASDAQ">TCOM</a>) shares are trading lower after the company announced a proposed offering of <a target="_blank" href="https://www.benzinga.com/wiim/24/06/39155010/trip-com-shares-are-trading-lower-after-the-company-announced-a-proposed-offering-of-1-3-billion-of" rel="noreferrer noopener">$1.3 billion of convertible senior notes</a>.
The convertible senior notes will mature on&nbsp;June 15, 2029,&nbsp;unless repurchased, redeemed, or converted per their terms before such date.&nbsp;
The holders of the note have the right to demand that the company buy back all or a portion of their notes for cash on June 15, 2027, or upon the occurrence of certain fundamental changes.
The company intends to use the net proceeds from the Notes offering to repay existing financial debt, expand its overseas operations, and meet working capital requirements.
Simultaneously with the pricing of the Notes Offering, the company plans to repurchase a number of its ADSs for up to $400 million, which will be carried out under its existing share repurchase plans through off-market privately negotiated transactions.
The company anticipates that the purchase price for the concurrent repurchase will be the last reported sale price per ADS on the NASDAQ as of June 4, 2024.
Investors can gain exposure to the stock via Tidal Trust II CoreValues Alpha Greater China Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CGRO#NYSE">CGRO</a>) and Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/05/38939261/these-analysts-raise-their-forecasts-on-trip-com-group-after-upbeat-results" rel="noreferrer noopener">These Analysts Raise Their Forecasts On Trip.com Group After Upbeat Results</a>
Price Action: TCOM shares are down 3.85% at $49.75 premarket the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Unsplash/ Charlotte Noelle

Offerings

CGRO

TCOM

Trip.Com Stock Is Trading Lower Tuesday: What's Going On?

NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares are trading lower in the premarket session on Wednesday.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has lost over 30% in the past six months.
BofA Securities analyst Ming Hsun Lee maintained a Neutral rating on NIO and <a target="_blank" href="https://www.benzinga.com/quote/NIO/analyst-ratings" rel="noreferrer noopener">lowered the price target from&nbsp;$6.5&nbsp;to&nbsp;$5.9.</a>
Investors can gain exposure to the stock via KraneShares MSCI China Clean Technology Index ETF (KGRN)&nbsp;and Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
The company is currently in the headlines for adding a new NIO House in the Netherlands as it moves ahead wit<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/39008880/whats-going-on-with-nio-shares-on-friday" rel="noreferrer noopener">h efforts to expand in Europe.</a>
Following the Rotterdam opening on March 23, 2023, the NIO House in the Netherlands&nbsp;becomes&nbsp;NIO's&nbsp;second establishment&nbsp;in the country.
Meanwhile, China reportedly allocates around RMB6 billion yuan ($830 million) for research and development in all-solid-state batteries.
Six companies, namely CATL, BYD Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), China FAW Group, SAIC Motor Corp, Beijing WeLion New Energy Technology, and Geely Auto Group, are poised to receive foundational R&amp;D assistance from the government, CnEV Post <a target="_blank" href="https://cnevpost.com/2024/05/29/china-may-devote-830-m-support-solid-state-battery/" rel="noreferrer noopener">reported</a>, citing local media.
Notably, Chinese EV manufacturer NIO introduced its 150-kWh semi-solid-state battery during the unveiling of its ET7 sedan at the Nio Day 2020 event on January 9, 2021, marking a significant milestone for this emerging battery technology.
Local startup WeLion supplies the cells for Nio&#8217;s semi-solid state battery, delivering 360 Wh/kg lithium battery cells since June 30, 2023, CnEV Post added.
Despite its innovation, the 150-kWh battery pack is currently expensive, with Nio&#8217;s president mentioning it would cost similar to an ET5 sedan. The trial operations for the 150-kWh battery pack commenced this month, with full operations scheduled to commence on June 1.
Related: <a target="_blank" href="https://www.benzinga.com//node/39061399" rel="noreferrer noopener">China&#8217;s Pumping Big Money Not Just Into Chip Sector But Also EV Batteries: Key Tesla, Nio Suppliers Among Those Eligible To Get $830M R&amp;D Funding</a>
Price Action: NIO shares traded lower by 1.22% at $4.85 premarket at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/39021107/donald-trump-floats-idea-of-bringing-back-adviser-peter-navarro-for-potential-second-term-despit" target="_blank" rel="noreferrer noopener">Donald Trump Floats Idea Of Bringing Back Adviser Peter Navarro For Potential Second Term Despite Prison Sentence: &#8216;I Would Absolutely Have Peter Back&#8217;</a>
Photo via Shutterstock

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