Shares of several Chinese companies, including Alibaba Group Holding Ltd - ADR BABA, JD.Com Inc JD and Nio Inc - ADR NIO, are all trading lower amid overall market weakness. COVID-related restrictions in certain parts of China are also possibly impacting the sector.
Shares of several Chinese stocks have seen ongoing weakness in recent sessions amid a COVID-19 outbreak in the country which has caused some business operations to cease. Shares of Asia-Pacific stocks have also seen weakness in March as Russia-Ukraine tensions weigh on trader and investor sentiment.
Pinduoduo Inc - ADR PDD shares are trading lower after the company reported fourth-quarter financial results.
Pinduoduo reported quarterly sales of $4.27 billion which missed the analyst consensus estimate of $4.76 billion by 10%. This sales figure represents a 5% increase over sales of $4.07 billion the same period last year. Pinduoduo also reported quarterly earnings of 92 cents per share which beat the analyst consensus estimate of 35 cents.
"In 2021, we made the strategic shift from sales and marketing toward research and development." said Lei Chen, Chairman and CEO of Pinduoduo. "We see ourselves making more long-term investment, especially in agriculture and R&D."
"Similar to the last two quarters, we will allocate profits from the fourth quarter to the 10 Billion Agriculture Initiative to deepen our digital inclusion efforts in agriculture," Mr. Chen added.
- Alibaba is trading lower by 4.3% at $103.60
- JD.com is trading lower by 7.7% at $60.11
- Pinduoduo is trading lower by 6.0% at $40.04
- Nio is trading lower by 3.0% at $20.25
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