Weekly Market Review | Jensen Huang Visits China, Hoping for Continued Cooperation; Cha Ji Rings the Bell for Its U.S. IPO; Foreigners Flock to Taobao Amid Tariff Disputes, App's Overseas Downloads Soar
Weekly Market Review
A-shares
Over the past week, under the influence of tariff policies, A-shares showed relative stability. The Shanghai Composite Index rose 1.19%, the Shenzhen Component Index fell 0.54%, the ChiNext Index fell 0.64%, and the STAR 50 Index fell 0.31%. In terms of industry sectors, among the 31 Shenwan primary industries, real estate and banking performed well, rising 4.26% and 4.09% respectively. Data on 70 major cities released by the National Bureau of Statistics showed that the prices of commercial residential buildings in first-tier cities increased month-on-month. In addition, benefiting from the boost of domestic demand expansion policies and the popularity of platforms like DHgate overseas, the commercial retail and textile and apparel sectors rose 3.45% and 3.04% respectively.
Hong Kong Stocks
During the four trading days of Hong Kong stocks this week, the Hang Seng Index rose 2.30% for the week, while the Hang Seng Tech Index fell 0.27%. Southbound funds had a net inflow of HK$23.19 billion this week. In terms of industries, the energy and real estate and construction industries led the gains, followed by other industries, and only the information technology industry closed down.
U.S. Stocks
Looking back at the performance of U.S. stocks this week, the Dow Jones Industrial Average fell 2.66%, the S&P 500 Index fell 1.50%, and the Nasdaq Composite Index fell 2.62%. In terms of news, on Wednesday local time, Powell issued a strong warning about the inflationary effects of Trump's trade policies. He said that Trump's tariffs "most likely" would stimulate a temporary rise in inflation and warned that these effects could last for a long time.
Weekly Positive News
NVIDIA
On April 17, Ren Hongbin, President of the China Council for the Promotion of International Trade, held talks with Jensen Huang, CEO of NVIDIA, in Beijing. In response to the U.S. government's decision to strengthen chip export controls, Jensen Huang said that NVIDIA would continue to spare no effort to optimize its product system in line with regulatory requirements and would unswervingly serve the Chinese market. As a company that has been deeply involved in the Chinese market for three decades, NVIDIA has grown and achieved mutual success with the Chinese market.
Sunac China
On April 17, Sunac China announced that it had made significant progress in the restructuring of its overseas debt with a total scale of approximately US$9.55 billion. The new plan proposes a "full debt-to-equity conversion" and will distribute two types of new mandatory convertible bonds to creditors. Currently, creditors holding a total of 26% of the debt principal have either signed or are in the process of signing the restructuring support agreement.
Netflix
On April 18, Netflix announced its financial results for the first quarter of fiscal year 2025. Compared with the same period last year, the company's revenue increased by 12.5% to US$10.54 billion. Quarterly profit increased by 24% to US$2.89 billion. Netflix used artificial intelligence in its production process, reducing costs such as special effects production. Affected by this, Netflix's after-hours trading rose by more than 5% at one point.
Alibaba
The tariff storm triggered by Trump's new tariff policy has led a large number of overseas netizens to flock to Taobao. In the app download markets of many overseas countries and regions, the download volume of Taobao has skyrocketed. As of April 16, Taobao had reached the second place on the U.S. app download list. The latest data on April 18 showed that following Taobao, Alibaba.com had also entered the fifth place on the shopping list of the U.S. App Store and ranked among the top 10 on the app shopping lists in 120 global markets.
TSMC
On April 17, TSMC announced its financial results for the first quarter of 2025. Its revenue was approximately US$25.53 billion, a year-on-year increase of 35.3% but a quarter-on-quarter decrease of 5.1%. The performance was better than expected because customers rushed to stockpile advanced chips in anticipation of global trade turmoil caused by U.S. tariffs. At the same time, the company maintained its revenue growth forecast for 2025, indicating its confidence in weathering the industrial and economic impacts of potential trade wars.
CATL
During the reporting period, the company achieved an operating income of 84.705 billion yuan, a year-on-year increase of 6.18%; the net profit attributable to the parent company was 13.963 billion yuan, a year-on-year increase of 32.85%; the R & D investment in the first quarter was 4.814 billion yuan, a year-on-year increase of 10.92%; and the comprehensive gross profit margin was 24.4%.
Weekly Negative News
NVIDIA
NVIDIA issued an 8-K filing on April 15 local time, stating that the company had recently received a notice from the U.S. government that the export of H20 chips and chips meeting the memory bandwidth and interconnection bandwidth of H20 to countries and regions such as China requires a license. UBS issued a research report indicating that NVIDIA needs a license to export its H20 chips to countries such as China, which is actually equivalent to a ban on exports. On the 16th, NVIDIA's stock price fell 6.9%, the largest single-day decline since January.
Beingmate
Beingmate announced that the company, relevant personnel, and the controlling shareholder had received administrative supervision measure decision letters issued by the Zhejiang Securities Regulatory Bureau. The main problems included: the company's revenue recognition did not comply with accounting standards for business enterprises, resulting in inaccurate disclosure of periodic financial reports; the company's controlling shareholder, Beingmate Group Co., Ltd., had non-operating fund occupation situations; and the financial assistance matters were not timely reviewed and disclosed. The Zhejiang Securities Regulatory Bureau decided to take supervision and management measures such as issuing warning letters to the company and relevant personnel and record them in the integrity file of the securities and futures market.
China Baoan
China Baoan released its annual report data for 2024. The data showed that the company's annual operating income was 20.23 billion yuan, a year-on-year decrease of 34.1%. The net profit attributable to the parent company plummeted 77.2% to 173 million yuan, and the net profit attributable to the parent company after deducting non-recurring gains and losses decreased 95.6% year-on-year to 29.67 million yuan. In addition, the net cash flow from operating activities was 1.662 billion yuan, a year-on-year decrease of 72.1%.
Meituan and JD.com
On April 15, Meituan and JD.com announced new moves on the same day. Meituan officially launched its instant retail brand, "Meituan Flash Sale". The Meituan Flash Sale business was first launched within Meituan in 2018. Currently, the daily order volume of Meituan's non-food instant retail has exceeded 18 million orders. JD.com said that its food delivery order volume would exceed 5 million orders. At the same time, due to the rapid development of its instant delivery business, JD.com will recruit no less than 50,000 full-time food delivery riders this quarter, fully paying the five social insurances and one housing fund, and all the costs will be borne by the company.
Meta
The U.S. Federal Trade Commission (FTC)'s major anti-monopoly case against U.S. social media giant Meta began hearings in Washington on April 14. The hearings are expected to last for seven to eight weeks, and a large number of witnesses and evidence will be examined.
Apple
According to media reports, customs data showed that in March, Foxconn and Tata Electronics, the main suppliers of Apple in India, shipped iPhones worth nearly US$2 billion to the United States, setting a new record. Apple airlifted these phones to avoid the tariffs about to be imposed by then-U.S. President Trump. However, later, the U.S. Customs and Border Protection issued an announcement excluding a series of products from the previously announced reciprocal tariffs, including communication equipment (smartphones), computers, etc.
IPO Message Board
New Stock Listings
CHAGEE
On the evening of April 17, CHAGEE (CHA.US) was listed on the NASDAQ. The stock issuance price was US$28, the opening price was US$33.75, and it closed at US$32.44 on the first day, up 15.86%. Based on the closing price of US$32.44, CHAGEE's market value was US$5.954 billion (approximately HK$46.2 billion). Among the newly listed new tea beverage companies in recent years, its market value ranked second, lower than that of Missfresh at HK$177.13 billion.
Xinkai Technology
Xinkai Technology was listed on the main board of the Shenzhen Stock Exchange on April 15. The company's stock code is 001335, the issuance price was 12.80 yuan per share, and the price - earnings ratio was 11.44 times. The new shares raised 300 million yuan, and the total share capital after issuance was 93.73956 million shares. Xinkai Technology is mainly engaged in the product development, sales, and services of colorants such as organic pigments.
Kent Catalyst
Kent Catalyst was listed on the main board of the Shanghai Stock Exchange on April 16. The company's stock code is 603120, the issuance price was 15.00 yuan per share, and the price - earnings ratio was 16.76 times. The company is mainly engaged in the R & D, production, and sales of quaternary ammonium (phosphonium) compound products.
Honggong Technology
Honggong Technology was listed on the ChiNext of the Shenzhen Stock Exchange on April 17. The company's stock code is 301662, the issuance price was 26.60 yuan per share, and the price - earnings ratio was 7.05 times. The company is mainly engaged in the R & D, production, and sales of automated processing production lines and equipment for bulk materials such as powders, granules, liquids, and slurries.
Ongoing Listings
CaoCao Mobility
The International Cooperation Department of the China Securities Regulatory Commission issued a filing notice for the overseas issuance and listing of CaoCao Inc. The company plans to issue no more than 192 million overseas-listed common shares and list on the Hong Kong Stock Exchange.
Muyuan Foods
The company announced that to further promote its internationalization strategy and build an international capital operation platform, it plans to issue overseas-listed foreign shares (H shares) and list on the main board of the Hong Kong Stock Exchange. Currently, the company's board meeting and supervisory board meeting have reviewed and approved the relevant proposals.
Card Game
On April 14, Card Game submitted a listing application to the Hong Kong Stock Exchange. Morgan Stanley, CICC International, and J.P. Morgan are the joint sponsors.
Meet You Noodles
On April 15, Meet You Noodles submitted a prospectus to the Hong Kong Stock Exchange, aiming to become the "first Chinese noodle restaurant stock". China Merchants Securities International is its sole sponsor.
Liuliu Orchard
On April 16, Liuliu Orchard, the parent company of Liuliu Mei, submitted a listing application to the Hong Kong Stock Exchange. CITIC Securities and Guoyuan Securities are the joint sponsors.
Ruili Kemi
On April 18, Ruili Kemi passed the listing review. The company plans to be listed on the main board of the Shenzhen Stock Exchange, and the sponsor is CITIC Securities.
Hongyuan Co., Ltd.
On April 18, Hongyuan Co., Ltd. passed the listing review. The company plans to be listed on the Beijing Stock Exchange, and the sponsor is Minsheng Securities.
Tianyouwei
Tianyouwei started its subscription on April 14. The subscription price was 93.50 yuan, and the price - earnings ratio was 13.50 times. The winning rate of the online issuance this time was 0.0302%.
Jiangshun Technology
Jiangshun Technology started its subscription on April 15. The issuance price was 37.36 yuan per share, the maximum subscription limit for a single account was 15,000 shares, and the market value required for a full - scale subscription was 150,000 yuan. The winning rate of the online issuance this time was 0.0117%.
Zhongjie Automobile
Zhongjie Automobile started its subscription on April 15. This public offering was 30.4 million shares, the issuance price was 16.50 yuan per share, the maximum subscription limit for a single account was 7,000 shares, and the market value required for a full - scale subscription was 70,000 yuan. The winning rate of the online issuance this time was 0.0179%.
Market News
The State Council Executive Meeting Stated the Need to Continuously Stabilize the Stock Market
On April 18, the State Council Executive Meeting was held. The meeting studied several measures to stabilize employment and the economy and promote high - quality development, including efforts to stabilize employment and foreign trade and efforts to promote consumption and expand domestic demand. The meeting also pointed out that it is necessary to continuously stabilize the stock market and continuously promote the stable and healthy development of the real estate market. Once relevant measures are introduced, they should reach enterprises and the public directly, improve the implementation efficiency, and ensure the implementation effect.
Repeated "Reciprocal Tariff" Policies
According to the website of the Ministry of Commerce, on April 15, Eastern Time, the White House website released a fact sheet on the 232 investigation of critical minerals and derivatives, mentioning that due to China's retaliatory measures against the U.S. "reciprocal tariffs", Chinese goods exported to the United States now face tariffs of up to 245%. A spokesperson for the Ministry of Commerce said that China has noticed that the cumulative tariffs of various names on individual Chinese goods exported to the United States have reached 245%. China will ignore the U.S.'s meaningless tariff number - game. However, if the U.S. insists on continuing to substantially infringe on China's rights and interests, China will resolutely counter and accompany it to the end.
The Popularity of CSI 300 ETFs Remains High
As of April 15, the total scale of 24 CSI 300 ETFs in the entire market had reached 1.003867 trillion yuan, making it the only broad - based ETF track in China with a scale exceeding one trillion yuan. Since April 7, the scale of many CSI 300 ETFs has grown rapidly, with an industry increment of 105.116 billion yuan. Among them, the total increment of the four leading CSI 300 ETFs in the industry reached 103.798 billion yuan.
The Pilot Program for Long - Term Stock Investment Accelerates Implementation
As an innovative exploration of insurance funds entering the market, the scale of the pilot program for long - term stock investment of insurance funds this year has increased from 5 billion yuan to 162 billion yuan, and the number of insurance companies participating in the pilot program has increased from 2 to 8, all of which are life insurance companies. It is understood that the second - batch pilot companies are vigorously promoting the implementation of the pilot program in terms of structure, process, etc., and advancing the establishment and investment work of private securities funds. Different from the first - batch pilot, many companies tend to initiate and establish private securities funds independently.
