China Stocks Halt 3-Day Slide
China's Shanghai Composite and Shenzhen Component indices ended a three-day slide, rising 0.2% and 0.4% respectively. Tech and new energy stocks rebounded, with significant gains from companies like Zhongji Innolight and Tianqi Lithium. China also sold €4 billion in euro-denominated bonds, attracting record demand. In corporate news, PDD Holdings warned of a slowdown, Baidu reported its largest revenue drop, and Xiaomi posted its first quarterly profit from its electric vehicle business.
The Shanghai Composite rose 0.2% to around 3,950, while the Shenzhen Component gained 0.4% to 13,130 on Wednesday, ending a three-day slide as sentiment stabilized and investors looked for fresh market catalysts.
Tech and new energy stocks rebounded, with notable gains from Zhongji Innolight (3.6%), Beijing Teamsun (1.5%), Tianqi Lithium (5.2%), Do-Fluoride New Materials (1.4%) and Ganfeng Lithium (4.9%).
Meanwhile, China sold €4 billion in euro-denominated bonds, drawing record demand, highlighting growing investor appetite for the country’s debt.
In corporate news, PDD Holdings warned of a slowdown amid rising ecommerce competition, while Baidu posted its largest revenue drop on record due to weakening advertising.
Xiaomi, meanwhile, reported quarterly profits from its electric vehicle business for the first time.
