MCHI - （iShares MSCI China ETF）

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BEIJING: US-listed shares of Chinese companies slumped on Monday after President Xi Jinping’s new leadership team sparked investor concerns that ideology-driven policies would be prioritized at the cost of private sector growth. Ecommerce giants Alibaba, JD.com as well as internet behemoth Baidu crashed between 14% and 17%, even as the benchmark S&P 500 edged higher. The iShares MSCI China ETF tanked 10%, tracking its steepest one-day drop ever. “The concern is that the Chinese government is continuing to move to a more socialist economic model under Xi which may require Chinese companies to place ever more focus on social goals rather than profitability,” said Rick Meckler, a partner at Cherry Lane Investments in New Vernon. “By consolidating power, Xi is likely to face little opposition to this form of nationalization of corporate interests.” Earlier in the day, Hong Kong stocks slumped 6.4% to 13-year lows and China’s blue-chip shares slid 2.9% as investor worries over the direction of the world’s second largest economy overshadowed upbeat third-quarter growth data.

Chinese stocks endured their worst day since the COVID Crash on Monday following President Xi''s victory. Read more on the MCHI ETF and how it''s impacted by the turmoil.

Shares of Pinduoduo Inc. shot up 7.4% in premarket trading Monday, after the China-based company that connects agricultural producers with consumers reported second-quarter profit that more than tripled and revenue that rose well above expectations, citing "a recovery in consumer sentiment." Net income grew to RMB8.90 billion ($1.33 billion), or earnings of RMB6.22 per American depositary share (ADS), from RMB2.41 billion, or RMB1.69 per ADS, in the year-ago period. Excluding nonrecurring items, adjusted net income was RMB10.78 billion. The FactSet consensus for earnings per ADS was RMB2.96. Revenue climbed 36.4% to RMB31.44 billion ($4.69 billion), beating the FactSet consensus of RMB23.93 billion. Revenue from online marketing services jumped 39% to RMB25.17 billion and revenue from transaction services soared 107% to RMB6.22 billion, while revenue from merchandise sales dropped 97% to RMB50.7 million. Cost of revenue rose just 0.8%, to boost gross margin to 74.7% from 65.7%. "We saw a recovery in consumer sentiment in the second quarter especially during the 618 shopping festival, a reflection of the resilience of overall consumption," said Chief Executive Lei Chen.

Shares of Li Auto Inc. dropped 6.3% in premarket trading Monday, after the China-based electric vehicle maker reported a second-quarter net loss that nearly tripled, revenue that fell well short of expectations and provided a downbeat third-quarter outlook, citing "numerous pandemic-related challenges." The net loss for the quarter to June 30 widened to RMB641.0 million ($95.7 million), or 64 cents per American depositary share, after a loss of RMB235.5 million, or 26 cents per ADS in the year-ago period. Excluding nonrecurring items, the adjusted loss was RMB183.4 million. The FactSet consensus was for a per-ADS loss of RMB0.17. Revenue grew 73.3% to RMB8.73 ($1.30 billion), but missed the FactSet consensus of $9.49 billion. Deliveries jumped 63.2% to 28.687 vehicles. Gross margin improved to 21.5% from 18.9%, while free cash flow fell 54.0% to RMB451.7 million ($67.4 million). For the third quarter, the company expects deliveries of 27,000 to 29,000 EVs and total revenue of RMB8.96 billion to RMB9.56 billion, while the FactSet revenue consensus is RMB14.26 billion.

Brandywine Oak Private Wealth LLC cut its stake in shares of iShares MSCI China ETF (NASDAQ:MCHI) by 5.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,193 shares of the companys stock after selling 237 shares during the quarter. Brandywine Oak Private Wealth []

Shares of iShares MSCI China ETF (NASDAQ:MCHI) reached a new 52-week low on Tuesday . The company traded as low as $64.58 and last traded at $64.83, with a volume of 390082 shares. The stock had previously closed at $65.57. The business has a 50-day moving average of $68.89 and a two-hundred day moving average […]

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Squarepoint Ops LLC trimmed its stake in shares of iShares MSCI China ETF (NASDAQ:MCHI) by 38.0% during the 2nd quarter, Holdings Channel.com reports. The fund owned 23,783 shares of the companys stock after selling 14,557 shares during the quarter. Squarepoint Ops LLCs holdings in iShares MSCI China ETF were worth $1,961,000 at the end of []

Goldman Sachs Group Inc. decreased its position in iShares MSCI China ETF (NASDAQ:MCHI) by 6.2% during the second quarter, HoldingsChannel reports. The firm owned 363,795 shares of the companys stock after selling 24,211 shares during the quarter. Goldman Sachs Group Inc.s holdings in iShares MSCI China ETF were worth $29,992,000 as of its most recent []

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The iShares MSCI China ETF has fallen 16% year-to-date and is down 30% from its peak in February, while the S&P 500 is up about 15% in 2021.

Summary List Placement A gauge of stocks of Chinese companies listed in the US equity market sank to its lowest level in more than a year on Monday amid new efforts from Beijing to overhaul a range of industries. The S&P/BNY Mellon China Select ADR Index fell by as much as 8% to levels not seen since May 2020. The index contains 56 constituents, the largest of which is e-commerce behemoth Alibaba Group followed by electric vehicle maker Nio. The index was down more than 30% year-to-date at Monday''s intraday low. Shares of Chinese companies overall dropped Monday after the government issued new directives affecting online platforms behind food delivery services and at online education technology companies, with that industry alone valued at $100 billion. China''s policy changes for delivery companies call for them to make sure drivers earn more than the country''s minimum wage and to ensure union access, according to reports. NYSE-listed shares of Alibaba fell 7% as that company owns food-delivery service Ele.me.

Shares of TD Holdings Inc. shot up 37.3% on massive volume in afternoon trading Friday, after the China-based commodities trading service announced a move into unmanned logistics and the new-energy vehicle industry with two acquisitions. Trading volume exploded to 176.2 million shares, enough to make the stock the most actively traded on major U.S. exchanges, and compared with the full-day average of bout 368,700 shares over the past 30 days, according to FactSet. The company said early Friday that it has reached agreement to acquire Guangdong Jinbochuang Special Purpose Vehicle Co. Ltd. and Hunan Jinmeike New Material Co. Ltd., for an undisclosed amount. Jinbochuang is in the lightweight truck tops and parts and components business, and also develops magnesium-aluminum alloy lightweight cars, while Jinmeike produces magnesium alloy new materials and magnesium alloy new energy auto parts. "We expect to incorporate lightweight new materials, applications and lightweight trucks into our global industry chain," said TD Holdings Chief Executive Renmei Ouyang. "Through leveraging the advantages of Jinbochuang''s experience in new energy vehicle industry and Jinmeike''s expertise in unmanned logistics, we strive to optimize our business." TD Holdings'' stock has still lost 29.9% year to date, while the iShares MSCI China ETF has slipped 3.6% and the S&P 500 has gained 15.7%.

Shares of Sentage Holdings Inc. blasted off Friday, as the China-based financial services provider went public with a near ninefold gain. The company raised $20 million as it offered 4 million shares in its initial public offering, which priced late Thursday at $5 a share, at the low end of the expected range of between $5 and $6 a share. The stock''s first trade on the Nasdaq was at $42.99 at 11:14 a.m. Eastern for 14,242 shares. At that price, the company was valued at $601.9 million. Network 1 Financial Securities was the lone underwriter of the IPO. The stock has pared some gains since the open, and was last up 632% at $36.60. The company recorded net income of $1.6 million on revenue of $3.6 million in 2020, after net income of $1.8 million on revenue of $4.0 million in 2019. The company went public at a time that the Renaissance IPO ETF has gained 0.5% over the past three months, while the iShares MSCI China ETF has lost 4.7% and the S&P 500 has gained 5.6%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.