Some Chinese ADRs Shine. MINISO Group, XPeng up around 8%; NIO up over 5%; iQiyi, PDD Holdings up over 2%
Some Chinese ADRs shined on Thursday. MINISO Group, XPeng up around 8%; NIO up over 5%; iQiyi, PDD Holdings up over 2%.
MINISO Group shares gained over 8% on Thursday after the global value retailer reported second-quarter earnings that significantly exceeded analyst expectations, driven by strong revenue growth and improved same-store performance.
The company reported adjusted earnings per ADS of RMB2.24 ($0.31), beating analyst estimates of RMB1.75 by RMB0.49. Revenue reached RMB4.97 billion ($693.2 million), surpassing the consensus estimate of RMB4.86 billion and representing a 23.1% increase YoY.
XPeng chairman and CEO He Xiaopeng has increased stake in his company, marking a further increase since August last year. Xpeng’s U.S.-listed shares jumped nearly 8% on the news.
Mr. He purchased 3.1 million shares of Class A ordinary share in the company on August 20-21 through Galaxy Dynasty, a company wholly owned by him, at an average price of HKD 80.49 per share of Class A ordinary share, according to a Hong Kong Stock Exchange announcement today.
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