{"id":14511,"date":"2023-05-27T04:17:19","date_gmt":"2023-05-27T08:17:19","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/formerly-pinduoduo-pdds-stock-surge-fuels-broad-bounce-in-u-s-listed-shares-of-china-based-companies\/"},"modified":"2023-05-27T04:17:21","modified_gmt":"2023-05-27T08:17:21","slug":"formerly-pinduoduo-pdds-stock-surge-fuels-broad-bounce-in-u-s-listed-shares-of-china-based-companies","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14511","title":{"rendered":"Formerly Pinduoduo, PDD\u2019s stock surge fuels broad bounce in U.S.-listed shares of China-based companies"},"content":{"rendered":"
\n

The U.S.-listed shares of China-based companies enjoyed a broad rally Friday, fueled by a big rally in shares of PDD Holdings Inc. after the mobile marketplace company\u2019s first-quarter results beat by wide margins.<\/p>\n

The Invesco Golden Dragon China exchange-traded fund
\n PGJ,
\n +2.93%<\/bg-quote>
\n surged 2.9% in midday trading, with 48 of its 63 equity components gaining ground. The rally comes after the ETF (PGJ), which tracks the American depositary shares of companies based in China, excluding Hong Kong, had closed Thursday at a six-month low.<\/p>\n

\n

Shares of PDD
\n PDD,
\n +18.99%<\/bg-quote>,<\/span>
\n formerly known as Pinduoduo, powered up 16.9% to pace the PGJ\u2019s gainers. The stock, which had closed Thursday at the lowest price since Nov. 9, was on track for the biggest one-day percentage gain since it climbed 18.9% on March 22, 2022.<\/p>\n

The company reported before the opening bell net income that more than doubled, to RMB8.10 billion ($1.18 billion), or RMB5.55 per American depositary share, from RMB2.60 billion, or RMB1.84 in the year-ago period. Excluding nonrecurring items, adjusted earnings per ADS of RMB6.92 was well above the FactSet consensus of RMB4.46..<\/p>\n

Revenue grew 58.1% to RMB37.64 billion ($5.48 billion), to beat the FactSet consensus of RMB32.18 billion. Revenue from online marketing services increased 50% to RMB27.24 billion and transaction services revenue jumped 86% to RMB5.59 billion.<\/p>\n

\u201cWe see clear recovery trends,\u201d said Co-Chief Executive Officer Jiazhen Zhao in a post-earnings conference call with clients, according to an AlphaSense translation of the transcript. \u201cOnline retail continues to pick up. Users continue to show a higher willingness to shop.\u201d<\/p>\n

These trends lay a \u201csolid foundation\u201d for steady growth in consumption for the whole year,\u201d Jiazhen Zhao said.<\/p>\n

Among other more-active PGJ components, shares of electric vehicle maker Nio Inc.
\n NIO,
\n +2.12%<\/bg-quote>
\n rose 2.0%, ecommerce giant Alibaba Group Holding Ltd.
\n BABA,
\n +2.78%<\/bg-quote>
\n climbed 3.0%, EV-maker XPeng Inc.
\n XPEV,
\n +2.37%<\/bg-quote>
\n rose 0.9%, ecommerce company JD.com Inc.
\n JD,
\n +2.03%<\/bg-quote>
\n jumped 2.4% and after-school tutoring services provider TAL Education Group
\n TAL,
\n +5.98%<\/bg-quote>
\n tacked on 8.0%.<\/p>\n

The PGJ\u2019s second-biggest gainer was cryptocurrency miner Bit Digital Inc.\u2019s stock
\n BTBT,
\n +11.24%<\/bg-quote>,<\/span>
\n which ran up 10.5%, as bitcoin rose 1.1%.<\/p>\n

Meanwhile, the PGJ\u2019s biggest decliner was Canaan Inc.\u2019s stock
\n CAN,
\n -26.74%<\/bg-quote>,<\/span>
\n which tumbled 21.1%. The company, which is currently focused on research and development of technology in areas including artificial intelligence (AI) semiconductors and algorithms, reported before Friday\u2019s open a narrower-than-expected first-quarter loss but revenue that surprisingly declined.<\/p>\n

The PGJ has lost 7.4% year to date, while the S&P 500 index
\n SPX,
\n +1.30%<\/bg-quote>
\n has gained 9.3%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S.-listed shares of China-based companies enjoyed a broad rally Friday, fueled by a big rally in shares of PDD Holdings Inc. after the mobile marketplace company\u2019s first-quarter results beat by wide margins. The Invesco Golden Dragon China exchange-traded fund PGJ, +2.93% surged 2.9% in midday trading, with 48 of its 63 equity components gaining […]<\/p>\n","protected":false},"author":1,"featured_media":14512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-14511","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nFormerly Pinduoduo, PDD\u2019s stock surge fuels broad bounce in U.S.-listed shares of China-based companies | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The U.S.-listed shares of China-based companies enjoyed a broad rally Friday, fueled by a big rally in shares of PDD Holdings Inc. after the mobile\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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