Chinese stocks went on the warpath Wednesday morning after state media vowed to ensure financial stability in these tumultuous times. Those keeping track know that Chinese stocks have gotten thrashed over the past 52 weeks, with some of the most well-known names down over 80%. While now might be a good time for some bottom-feeding, especially with global markets having pulled back so far, China is taking it to the extreme.
According to Chinese state media, President Xi Jinping’s government has pledged to ensure stability in capital markets, support overseas stock listings and complete its crackdown on “Big Tech” that took off last summer. The People’s Bank of China has pledged support as well and will be implementing policies to help ensure these goals. Yet, it is unclear what actually will happen when the rubber meets the road.
Though Chinese stocks are rallying earlier this week, a huge Wall Street player issued a bundle of negative calls on Chinese stocks. So, did this investment house get the calls wrong, or is this something that the markets will have to wait out?
Here is how these Chinese stocks were doing Wednesday morning:
Alibaba Group Holding Ltd. (NYSE: BABA) shares were up by over 21% to around $93, in a 52-week range of $73.28 to $245.69. The consensus price target is $186.80. As of Tuesday’s close, this stock was down 66% in the past 52 weeks.
Baozun Inc. (NASDAQ: BZUN) stock was up over 21%, trading just over $7, with a consensus price target of $19.67. The stock has a 52-week range of $5.41 to $46.17. As of Tuesday’s close, this stock was down 87% in the past 52 weeks.
Bilibili Inc. (NASDAQ: BILI) shares were up by nearly 38% to around $26, in a 52-week range of $14.93 to $129.24. The consensus price target is $58.90. As of Tuesday’s close, this stock was down 83% in the past year.
Dada Nexus Ltd. (NASDAQ: DADA) stock was up over 30%, trading just under $8, with a consensus price target of $24.71. The stock has a 52-week range of $5.00 to $33.40. As of Tuesday’s close, this stock was down 81% in the past year.
DouYu International Holdings Ltd. (NASDAQ: DOYU) shares were up by over 38% to around $2, in a range of $1.23 to $13.90 over the last year. The consensus price target is $3.86. As of Tuesday’s close, this stock was down 90% in the past 52 weeks.
Huya Inc. (NYSE: HUYA) stock was up nearly 29% and trading under $5, with a consensus price target of $9.90. The stock has a 52-week range of $3.23 to $28.99. As of Tuesday’s close, this stock was down 86% in the past 52 weeks.
JD.com Inc. (NASDAQ: JD) shares were up by over 30% to around $60, in a 52-week range of $41.56 to $92.69. The consensus price target is $93.68. As of Tuesday’s close, this stock was down 46% in the past 52 weeks.
KE Holdings Inc. (NYSE: BEKE) stock was up over 65% and trading at $15, with a consensus price target of $24.85. The stock has a 52-week range of $7.31 to $67.38. As of Tuesday’s close, this stock was down 86% in the past 52 weeks.
Pinduoduo Inc. (NASDAQ: PDD) shares were up by over 46% to around $40, in a 52-week range of $23.21 to $153.00. The consensus price target is $101.56. As of Tuesday’s close, this stock was down 83% in the past 52 weeks.
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