Brawls, Raids, and Layoffs: Inside PDD's Explosive Clash with Regulators

PDD Holdings Inc. faced a major clash with Shanghai regulators, leading to physical altercations, police involvement, and arrests. The State Administration for Market Regulation investigated fraudulent deliveries, requesting sensitive transaction data. PDD dismissed dozens of government relations staff. The incident comes amid a competitive Chinese consumer market and regulatory scrutiny abroad, with Temu's European headquarters also raided.

Chinese concept stocks Baidu rose 2.4%, Alibaba rose 0.9%

Hutchmed China kicks off clinical development of ATTC candidate

Hutchmed China has initiated a global phase one clinical development program for HMPL-A251, a targeted cancer therapy for solid tumors. The program includes study sites in the US and China, with the first patient dosed. HMPL-A251 is derived from Hutchmed's ATTC platform, combining chemotherapy and targeted therapies. The study will assess the therapy's efficacy in HER2-expressing tumors. Hutchmed's shares rose 1.0% following the announcement.

Popular Chinese concept stocks in the U.S. pre-market show more gains than losses, with Baidu rising over 2%

36Kr learned that popular Chinese concept stocks saw more gains than losses in pre-market trading in the US. As of the time of writing, Baidu rose over 2%, Alibaba, Bilibili, and Weibo rose over 1%, XPeng rose 0.65%, and Tencent Music rose 0.39%; Pinduoduo fell 0.59%

Top 3 Financial Stocks That Could Blast Off This Month

The article highlights three oversold financial stocks with potential for growth: Noah Holdings, Ready Capital, and X Financial. Despite recent stock declines, these companies show promise due to their low RSI values, indicating they may be undervalued. Noah Holdings reported strong profitability growth, Ready Capital focuses on financial stability, and X Financial prioritizes risk control amid challenging conditions. Investors may find opportunities in these stocks as they are considered oversold with RSI values below 30.