US-Traded
Chinese Stocks
& ADRs:
Alibaba ADRs [BABA]
down on Friday,
closing at $155,
down 26% from the
52-week high.
Weibo [WB]
the social media giant,
down 3.8% on Friday,
to $43.66, and down 69%
from the January 2018 peak.
Baidu [BIDU]
down 26% over
the past six trading days,
to $114.47, and down 58%
from its 52-week high.
JD.com [JD],
an online retailer,
down 48%, to $26.32,
from its January 2018
all-time high.
Tencent Holdings,
ADRs [TCEHY]
the conglomerate
with holdings in
social media, payments,
video gaming, and tech:
at $40.86, was down 25%
from the 52-week high,
and down 33% from
the January 2018 peak
Sina Corp [SINA],
an internet portal,
was down 9% on Friday,
down 37% so far in May,
and down 67%
from the peak
in early 2018.
Also down 70% from the
all-time high in 2011.
33 Chinese companies
went public in the US
via IPOs in 2018 -- they
accounted for 17%
of all 2018 US IPOs.
(1)
iQiyi [IQ],
the video streaming company,
“China’s answer to Netflix”,
went public $18 a share,
peaked at $46.23,
and then went down
to $18.70 on Friday.
IQ was down 32%
since March 18, 2019, and
down 60% from its peak.
(2)
NIO [NIO],
electric vehicle maker,
overhyped in the US
as the “Tesla of China”,
at the time of its IPO
in October 2018.
The IPO price
of $6.25 per ADR
was down to $3.86
on Friday, 38% below
the IPO price,
and down 72%
from the peak
of $13.80.
An index that tracks
US-traded ADRs
of Chinese companies,
the S&P/BNY Mellon China ADR Index,
closed on Friday at 500.1,
was down 29%
from its peak
in January 2018,
and down 17%
so far in May 2019,
( back to where it had been in April 2015 ).
The index is dominated
by Alibaba’s ADRs.
Corporate accounting
and disclosure in China
= you can't trust their
financial statements.
Chinese companies that had
large amounts of “cash”
on their balance sheet ...
that "disappeared" when
the companies defaulted:
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