China ADRs & ETFs Extend Rally. NIO up 7%; Alibaba, YINN, XPeng, Chagee up over 4%; JD.com, PDD up More Than 2%

Tiger Newspress
04 Jun

China ADRs and ETFs jumped on Wednesday. Zai Lab up 16%; NIO jumped over 7%; Alibaba, YINN, XPeng, Chagee up over 4%; JD.Com, PDD up more than 2%.

Nio Inc. aims to reduce research and development spending by as much as 25% as it seeks to reach its break-even target by the fourth quarter.

Expenses may drop to between 2 billion yuan ($278 million) to 2.5 billion yuan per quarter, or a 20% to 25% decrease from last year, the Chinese electric-vehicle maker said on its earnings call Tuesday.

Chairman William Li expects to see cost-control efforts materialize from the second quarter, after first-quarter revenue missed estimates despite seeing higher deliveries.

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