Tuesday saw a recovery in China stocks following the previous session's sell-off of Chinese assets by foreign investors who were concerned that President Xi Jinping's new leadership team would prioritize
Key Takeaways:
Nearly two months after its launch, Pinduoduo’s cross-border e-commerce Temu app is among the top U.S. e-commerce apps based on new download rankings
Despite its early success, the app will face a series of challenges in its target U.S. market, including cutthroat competition and high marketing expenses
Foreign investors have sold a record net 17.9 billion yuan ($2.5 billion) of mainland China shares through trading links with Hong Kong on Monday, with the year-to-date investment level turning into a small net outflow.
U.S. stocks traded mostly higher, with the Dow Jones gaining more than 200 points on Monday. Here are some big stocks recording losses in today’s session.
U.S.-listed Chinese stocks are nosediving in the premarket session on Monday amid fears over President Xi Jinping maintaining dominance following the weeklong Party Congress that concluded on Saturday.
Gainers
Applied Genetic Technologies Corporation (NASDAQ: AGTC) rose 70.8% to $0.41 in pre-market trading. Syncona disclosed that it will acquire Applied Genetic Technologies Corporation.
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