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☆ What we want to see from retail sales and 3 Club earnings in the week ahead
▼ + stars: | 2023-08-12 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

State of the consumer: Retail sales for July are out on Tuesday. Key retail earnings reports from Walmart (WMT), Target (TGT) and Tapestry (TPR) will also provide clues on the health of the consumer. Earnings : On Wednesday morning, we hear from Club holding TJX Companies (TJX). Prior retail sales data has shown monthly sales growth at clothing and clothing accessory stores accelerate throughout the quarter, rising 0.14% monthly in April, 0.3% in May and 0.6% in June. For those looking to review first-quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, Estee Lauder, we've, Palo, Cardinal Health, JD.com, Brinker, BILL, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, Dow Jones, Investors, Walmart, TJX Companies, Palo Alto Networks, Embraer, Energy, Getty, Sea Ltd, Cardinal, Nu Holdings, Housing, ZIM, Food, Colgate, Palmolive, Cisco Systems, Chemical & Mining, Keysight Technologies, Ross Stores, Deere & Company, Alto Networks, Jim Cramer's Charitable, CNBC Locations: China, Dole, DOLE, Manhattan, New York City

☆ Big tech losses sink Nasdaq, S&P as US Treasury yields rise
▼ + stars: | 2023-08-11 | by ( David French | ) www.reuters.com time to read: +5 min

It was the first time in 2023 that the Nasdaq fell for two straight weeks. The S&P 500 ended the week down 0.3%, with the Nasdaq 1.9% lower. Yield on the two-year U.S. Treasury note , that moves in line with near-term interest rate expectations, climbed to 4.88%. REUTERS/Brendan McDermid//File PhotoMegacap growth and technology stocks have led outsized gains this year in the tech-heavy Nasdaq (.IXIC) and the S&P 500 (.SPX). The S&P 500 posted 4 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 52 new highs and 169 new lows.

Persons: Refinitiv, We've, Jason Betz, Brendan McDermid, Ameriprise's Betz, Rupert Murdoch, Bansari Mayur Kamdar, Johann M, David French, Shashwat Chauhan, Vinay Dwivedi, David Gregorio Our Organizations: Treasury, Nasdaq, Dow Jones, Federal Reserve, Ameriprise, Inc, Microsoft, Nvidia, Traders, New York Stock Exchange, REUTERS, International Energy Agency . Occidental Petroleum Corp, U.S, News Corp, Thomson Locations: U.S, New York City, JD.com, Bengaluru, New York

☆ Nasdaq, S&P end lower as rising US Treasury yields sink big tech
▼ + stars: | 2023-08-11 | by ( David French | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. It was the first time this year that the Nasdaq notched two weekly losses in a row. Megacap growth and technology stocks have led outsized gains this year in the tech-heavy Nasdaq (.IXIC) and the S&P 500 (.SPX). According to preliminary data, the S&P 500 (.SPX) lost 4.52 points, or 0.10%, to end at 4,464.31 points, while the Nasdaq Composite (.IXIC) lost 73.83 points, or 0.54%, to 13,647.20. The energy sector's increase was aided by crude prices rising on forecasts for tightening supplies from the International Energy Agency.

Persons: Brendan McDermid, Refinitiv, We've, Jason Betz, Ameriprise's Betz, Rupert Murdoch, JD.com, Bansari Mayur Kamdar, Johann M, David French, Shashwat Chauhan, Vinay Dwivedi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Treasury, Nasdaq, Federal Reserve, Ameriprise, Microsoft, Nvidia, Dow Jones, University of Michigan, International Energy Agency . Occidental Petroleum Corp, U.S, News Corp, Thomson Locations: New York City, U.S, Bengaluru, New York

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. U.S. producer price index (PPI) climbed 0.8% in the 12 months leading to July, up from a 0.2% rise in the previous month, as costs of services increased. The drop in megacap growth and technology stocks, which have led outsized gains this year, has put the tech-heavy Nasdaq (.IXIC) and the S&P 500 (.SPX) on track to end lower for a second straight week. Declining issues outnumbered advancers by a 1.10-to-1 ratio on the NYSE and a 1.49-to-1 ratio on the Nasdaq. The S&P index recorded four new 52-week highs and three new lows, while the Nasdaq recorded 34 new highs and 131 new lows.

Persons: Brendan McDermid, Refinitiv, David Russell, Russell, Rupert Murdoch, Bansari Mayur Kamdar, Johann M, Shashwat Chauhan, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Corp, Dow, Nasdaq, Federal Reserve, Nvidia, Microsoft, Benchmark, Dow Jones, University of Michigan, News Corp, NYSE, Thomson Locations: New York City, U.S, China, JD.com, Bengaluru

REUTERS/Brendan McDermid//File PhotoSummaryCompanies US-listed China stocks fall as stimulus measures disappointFutures mixed: Dow up 0.02%, S&P down 0.06%, Nasdaq down 0.16%Aug 11 (Reuters) - U.S. stock index futures were subdued on Friday as investors awaited producer prices data that could offer more clarity on the Federal Reserve's rate hike path. Investors are now focused on the producer prices data due at 8:30 a.m ET that will offer more insight into inflation in the world's largest economy. U.S. Labor Department's producer price index (PPI) for final demand, is expected to rise 0.2% in July, after growing 0.1% in June. "This (PPI) data set is something of a crystal ball for consumer price inflation; when producers charge more for goods the higher costs are usually passed on to households." "Higher yields incentivize investors to park their cash in the safety of bonds, and therefore decreases demand for risky plays like equities."

Persons: Brendan McDermid, Russ Mould, AJ Bell, Marios Hadjikyriacos, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Benchmark, Labor, PPI, Dow e, Nvidia, Treasury, XM, Thomson Locations: New York City, U.S, China, JD.com, Bengaluru

☆ Stocks making the biggest moves midday: News Corp, Alibaba, Applied Materials and more
▼ + stars: | 2023-08-11 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

News Corp — The media company's shares jumped nearly 4% after reporting an earnings beat in the fiscal fourth quarter. Meanwhile, the company's revenue of $2.43 billion missed analysts' forecast of $2.49 billion. Chip stocks — Semiconductor shares dropped more than 2% Friday, putting the sector on pace for a weekly decline of 4.5%. The decline comes after shares rose nearly 3% in the previous session on the back of the company's earnings announcement. Kura Oncology — The biotech company's shares rose 4% after Bank of America initiated coverage of Kura with a buy rating in a Friday note.

Persons: Refinitiv, Alibaba, Krispy, Morgan Stanley, DigitalOcean, —, Alex Harring, Yun Li Organizations: Artificial Intelligence, News Corp, News, UBS —, UBS, Credit Suisse, Swiss National Bank, — Semiconductor, VanEck Semiconductor, NXP, Lam Research, Materials, Nvidia, Semiconductor, FactSet, Wynn Resorts, Caesars Entertainment, JPMorgan, Mizuho, Capri Holdings, Kura Oncology, Bank of America, Holdings Locations: Shanghai, China, U.S, Coinbase, Kura

☆ Chinese online retailer Pinduoduo has a 'hyper-aggressive' culture with hours surpassing a '996' schedule, analysts write
▼ + stars: | 2023-08-11 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Temu's sister company Pinduoduo may have a "9127" culture, Bernstein analysts wrote. This is a play on "996" work culture, which encourages work from 9 a.m. to 9 p.m., six days a week. Temu sister company Pinduoduo is known for having an exceptionally intense workplace culture, Bernstein analysts wrote in a note published this week. "996" is a reference to a work culture that encourages tech employees to work from 9 a.m. to 9 p.m., six days a week. While Shein remains ahead of Temu in terms of buyer awareness, Temu sees high buyer retention rates, the Bernstein analysts noted.

Persons: Temu's, Bernstein, Temu, Jack Ma, Richard Liu Qiangdong, Robin Zhu, Pinduoduo, Shein Organizations: Morning, PDD Holdings, Pinduoduo, Representatives, Local Locations: China, Shanghai

☆ Morgan Stanley still likes these Chinese stocks despite a country downgrade
▼ + stars: | 2023-08-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Morgan Stanley has decided to take a break, downgrading MSCI China to equal weight while recommending a few consumer and industrial names. The Politburo meeting signaled policy easing, but outstanding issues — of debt, property, jobs and geopolitics — need significant improvement for sustainable inflows, the Morgan Stanley analysts said. Morgan Stanley has so far only changed it once this year: a cut in July to 5%. And despite their downgrade of Chinese stocks, the analysts added two mainland-traded A shares to their focus list. In its latest report, Morgan Stanley analysts also turned overweight on India.

Persons: Morgan Stanley, Laura Wang, Fran Chen, Wood, Warren Buffett, behemoth BlackRock, Biden, Liqian Ren, Ren, Hang Seng, Jack Ma's Alibaba, Morgan Stanley's, Morgan, WisdomTree's Ren doesn't, Ren doesn't, Michael Bloom Organizations: U.S, Chinese Communist Party, China ETF, WisdomTree Trust, Owned Enterprises ETF, Wall, JPMorgan, Baidu, State, Owned Enterprise Fund, Ping An Insurance Locations: China, . U.S, WisdomTree, WisdomTree Trust China, Morgan, Morgan Stanley's China, Hong Kong, India

☆ Stocks making the biggest moves midday: SolarEdge Technologies, Humana, Starbucks, Robinhood and more
▼ + stars: | 2023-08-02 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

SolarEdge Technologies — The solar stock tumbled about 19% after the company reported $991 million in revenue, missing analysts' estimates of $992 million, according to Refinitiv. CVS Health — The retail pharmacy stock gained 4% during midday trading Wednesday after the company posted strong earnings and revenue for the second quarter. The company reported adjusted earnings per share of $1.29, topping the $1.10 expected from analysts polled by StreetAccount. Starbucks' adjusted earnings per share for the fiscal third quarter was $1, versus the 95 cents expected by analysts, per Refinitiv. Chinese tech stocks — Shares of Chinese technology stocks dropped after regulators in China proposed limits on smartphone use for minors.

Persons: SolarEdge, Norwegian's, Emerson Electric's, Pinterest, Generac, Freshworks, Genuity, Robinhood, CNBC's Hakyung Kim, Pia Singh, Alex Harring Organizations: SolarEdge Technologies, CVS Health, CVS, Wall Street, Cruise, Susquehanna, Emerson, StreetAccount, Revenue, Wall, FactSet's, Starbucks, Bank of America, JPMorgan, Scotts Miracle, Gro, Scotts, JD.com, Baidu, Tencent Locations: Refinitiv, China

E-commerce app Temu is taking on the larger Shein by selling cheap Chinese-made goods to Western consumers. The company owned by $119 billion PDD (PDD.O) is more like an online dollar store. Moreover, Temu offers generous discounts and free or subsidised shipping to users. Parent company PDD, whose Pinduoduo e-commerce unit competes with Alibaba (9988.HK) and JD.com (9618.HK) in China, discloses little about its overseas business. Temu offers everything from home appliances to electronics to toys, making it more of a direct competitor to Amazon.

Persons: Shein, Breakingviews, Temu, PDD, Bernstein, Peter Thal Larsen, Aditya Munjuluru, Thomas Shum Organizations: Reuters, United States, Wall Street, Temu, Bloomberg, HK, PDD, Thomson, & $ Locations: HONG KONG, Western, China, U.S, United States, Shein

☆ China's tech crackdown cost over $1 trillion. But the economy is in such deep trouble that the country's cozying up to its tech firms again.
▼ + stars: | 2023-07-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China's tech crackdown wiped $1.1 trillion off the valuation of its Big Tech firms. China's economy is struggling to recover after three years of on-off COVID-19 lockdowns. China cracked down on the country's tech sector in 2020, taking down its Big Tech, whose market value has been wiped by $1.1 trillion. But now, authorities are laying out the red carpet for the same firms because the economy is in deep trouble. Local governments in China are wooing tech giants with at least five recent deals to build on the so-called "platform economy," the South China Morning Post reported on Sunday.

Persons: NetEase, Yin Li, Kuaishou, Yin Yong, Daniel Zhang, Lei Jun, Alibaba, Jack Ma Organizations: Big Tech, Morning, China Morning Post, Sunday, Communist Party Locations: China, Beijing, Hangzhou, Tianjin, Shenzhen

☆ Lightning Round: Cramer on Callaway, IDEXX, Teledoc and Lucid
▼ + stars: | 2023-07-27 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: Cramer on Callaway, IDEXX, Teledoc and Lucid'Mad Money' host Jim Cramer weighs in on stocks including: Topgolf, Idexx Lab, Teladoc Health, Lucid, Johnson Controls and JD.com.

Persons: Cramer, Callaway, Jim Cramer, Johnson Organizations: Teladoc Locations: IDEXX

☆ Cramer's Lightning Round: Topgolf Callaway Brands is a buy
▼ + stars: | 2023-07-27 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Topgolf Callaway Brands' year-to-date stock performance. Stock Chart Icon Stock chart icon Idexx Laboratories' year-to-date stock performance. Stock Chart Icon Stock chart icon Teladoc Health's year-to-date stock performance. Stock Chart Icon Stock chart icon Lucid Group's year-to-date stock performance. Stock Chart Icon Stock chart icon JD.Com's year-to-date stock performance.

Persons: Topgolf, Teladoc, they've Organizations: Topgolf Callaway Brands, Idexx Laboratories, Teladoc Locations: China

Investors are awaiting Microsoft (MSFT.O), Google-owner Alphabet (GOOGL.O) and Meta Platforms (META.O) earnings this week, which will show whether their stocks justify sky-high valuations. The Nasdaq (.NDX) lagged other indexes as investors looked to non-tech stocks for bargains, lifting sectors from energy to banks. Helping the Dow (.DJI) notch its longest winning streak since February 2017, Chevron (CVX.N) gained almost 2% as the oil giant posted upbeat preliminary quarterly earnings over the weekend. Nine of the 11 major S&P 500 sectors rose, led by a gain in energy stocks (.SPNY). The S&P 500 posted 22 new 52-week highs and one new low; the Nasdaq Composite recorded 58 new highs and 97 new lows.

Persons: Barbie, Randy Frederick, You've, Carol Schleif, Toymaker Mattel, AMC's, decliners, Carolina Mandl, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Anil D'Silva, Richard Chang Organizations: Dow, Nasdaq, Mattel, Chevron, Dow Jones, Federal Reserve, Schwab Center, Financial Research, Microsoft, Google, Investors, BMO Family Office, Reuters, AMC Entertainment, NYSE, Thomson Locations: New York, Bengaluru

Investors are awaiting Microsoft (MSFT.O), Google-owner Alphabet (GOOGL.O) and Meta Platforms (META.O) earnings this week, which will show whether their stocks justify sky-high valuations. The Nasdaq (.NDX) lost steam during the session as investors looked to non-tech stocks for bargains, lifting sectors from energy to banks. Barclays' head of U.S. equity strategy Venu Krishna said in a note to clients that investors are differentiating between tech companies. A few Big Tech names are driving all of the earnings upside, while the outlook for the "Rest of the Tech" is deteriorating, he said. Helping the Dow (.DJI) notch its longest winning streak since February 2017, Chevron (CVX.N) gained as the oil giant posted upbeat preliminary quarterly earnings over the weekend.

Persons: Barbie, Randy Frederick, Venu Krishna, You've, Carol Schleif, Toymaker Mattel, AMC's, Carolina Mandl, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Anil D'Silva, Richard Chang Organizations: Chevron, Dow, Dow Jones, Federal Reserve, Schwab Center, Financial Research, Microsoft, Google, Nasdaq, Barclays, Big Tech, Tech, Investors, BMO Family Office, Reuters, AMC Entertainment, Thomson Locations: U.S, New York, Bengaluru

☆ China's earnings season is just getting started. Here are some winners to watch
▼ + stars: | 2023-07-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Their screen found that home appliances, media and software sectors were among those that fit the bill. When it comes to individual stocks, HSBC looked for names where their estimates were most above the consensus. Top on the list is software company 360 Security, which HSBC's earnings estimate for the year is double the consensus. Baosight, another software company, also made the top 10, as did home appliance company Sanhua. But not all software stocks made the cut.

Persons: Price, That's, Ding Wenjie, There's, Ant, Didi, Ding, Goldman Sachs, Lei Meng, Meng, Steven Sun, iFlytek Organizations: HSBC, That's, China Asset Management, CNBC, Alibaba, UBS Securities China Equity, CSI, HSBC Qianhai Securities Locations: China, Beijing, Shanghai, Shenzhen

☆ Cathie Wood says her flagship innovation fund has completely exited China
▼ + stars: | 2023-07-21 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Ark Invest's Cathie Wood said her flagship innovation fund has reduced its China exposure to zero as the developing market faces an economic slowdown. ARKK used to own shares in Chinese tech giant Tencent and property site KE Holdings . The innovation investor said she changed her stance on China after Beijing started to tighten its grip on the economy by cracking down the ultrawealthy and the tech sector. ARK Fintech Innovation ETF (ARKF) still owns a small stake in Chinese e-commerce company JD.com , but it has dumped other Chinese names like Pinduoduo and Tencent. Her flagship fund has had a banner year so far as her top holdings rebounded from sharp losses triggered by rising rates.

Persons: Cathie Wood, Tesla, Wood, ARKK, China's, she's Organizations: Ark, CNBC, New York Stock Exchange, Innovation, KE Locations: China, Beijing

[1/3] The sign outside the Sam's Club is seen at its store in Shanghai, China July 12, 2023. The membership stores are also gaining ground amid a sales decline in China's hypermarket sector, which struggled with a shift towards online purchases during the pandemic. The club warehouse format "is the only bright spot," said Derek Deng, who leads Bain & Company's consumer products practice in greater China. "Sam's Club are doing well. But Sam's Club was ultimately confident it is currently miles ahead, one of the people said.

Persons: Aly, Liu Zheng, lockdowns, Derek Deng, Bain, Kantar Worldpanel, Judith McKenna, Bain's Deng, Christina Zhu, Sophie Yu, Brenda Goh, Jamie Freed Organizations: Sam's, REUTERS, Sam's Club, Costco, Walmart, HK, Freshippo, Carrefour, Yonghui, Bain, Reuters Graphics, Reuters, Sun, Retail, M, Beijing Yaodi Agriculture, M Club, Thomson Locations: Shanghai, China, BEIJING, Beijing, U.S, United States, Carrefour China, Peking, Yangzhou, Lanzhou, Sam's

☆ A new foldable smartphone is becoming as popular as an Apple iPhone model in China
▼ + stars: | 2023-07-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Honor released its Magic V2 foldable on July 12, 2023, starting with the China market. BEIJING — On Chinese e-commerce site JD.com's "hot sales" smartphone rankings this week, the Honor Magic V2 foldable vies with Apple iPhone models for the top three spots. Honor, spun off from Huawei, launched its Magic V2 on July 12 with a starting price of 8,999 yuan ($1,245). The Magic V2's 9,999-yuan model ranked second in popularity among JD.com smartphone sales as of Thursday morning, while a 7,799-yuan Apple iPhone 14 Pro ranked first. The iPhone 14 claims about 20-30 hours of video watching on a single battery charge, depending on the bar phone model.

Persons: Ethan Qi, Qi Organizations: Apple, Huawei, Counterpoint Research Locations: China, BEIJING

☆ China takes major step in regulating generative AI services like ChatGPT
▼ + stars: | 2023-07-14 | by ( Laura He | ) edition.cnn.com time to read: +4 min

China also urges platforms to “participate in the formulation of international rules and standards” related to generative AI, it said. Generative AI tools like ChatGPT have taken the world by storm. Generative AI refers to the technology that underpins platforms like ChatGPT. In the global race to build guardrails for how governments tap AI, China had gained a significant head start, US Senator Mark Warner warned last month. So far, Baidu, Alibaba and JD.com’s generative AI services are either in the trial stage or being tested by corporate users.

Persons: —, Olivier Morin, Mark Warner, ” Organizations: Hong Kong CNN, Cyberspace Administration, Ant, Baidu, Getty, China, Politico’s Global Tech Summit ., ” Citi, National Development, Reform Commission Locations: Hong Kong, China, Beijing, AFP, United States

The KraneShares CSI China Internet ETF is up 5.4% since Friday, while back home the CSI Overseas China Internet Index (.CSIH11136) is up nearly 3%. Yet China tech valuations have been gutted in the nearly 3 years since Ant was forced to shelve its initial share offering, and fund managers see plenty of headwinds, apart from just policy scrutiny. "The government has learned that the private sector - particularly the tech sector - is a critical partner in jump-starting growth. The government will continue to exert pressure on key tech companies even as they allow growth to resume," he said. For some sell-side analysts, though, China tech has turned a corner.

Persons: Jack Ma, Jon Withaar, Ant, Wong Kok Hoi, Wong, Kai Kong Chay, Derrick Irwin, Xi Jinping's, Alibaba's ADRs, Morgan Stanley, Min Lan Tan, Vidya Ranganathan, Kim Coghill Organizations: Group, Alibaba, HK, Pictet Asset Management, CSI China, CSI Overseas, CSI Overseas China Internet, Amazon Inc, APS Asset Management, Greater, Manulife Investment Management, UBS Global Wealth Management, Thomson Locations: HONG KONG, China, Asia, Hong Kong, Alibaba, CSI Overseas China, Singapore, Greater China, Boston

HONG KONG, July 12 (Reuters) - China's major tech companies have shed more than $1 trillion in value -equivalent to the entire Dutch economy - since the government's regulatory crackdown on the sector began more than two years ago, according to Refinitiv data. Reuters GraphicsTechnology stocks (.HSTECH) in Hong Kong have rallied 4.1% since Monday as investors bank on an easing regulatory environment to boost earnings, but some analysts have sounded a note of caution. "Mega-cap tech companies will allocate increasingly large amounts of capital expenditure towards developing generative AI technologies and products in a hostile external environment, potentially impacting profitability," said Redmond Wong, Saxo Markets strategist in Hong Kong. Steven Leung, UOB Kay Hian sales director, said current valuations would last "until we see more supporting policies from authorities". Reporting by Donny Kwok in Hong Kong and Scott Murdoch in Sydney; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Persons: Tencent, Redmond Wong, Steven Leung, UOB Kay Hian, Donny Kwok, Scott Murdoch, Kevin Liffey Organizations: People's Bank of China, Tencent Holdings, HK, Alibaba, Baidu Inc, Reuters Graphics Technology, Saxo Markets, Thomson Locations: HONG KONG, Hong Kong, Sydney

☆ Premier urges Chinese tech giants to support economy as crackdown ends
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

After listening to suggestions from firms that also included PDD Holdings' (PDD.O) Pinduoduo and JD.com (9618.HK), Li told them authorities would seek to make regulation of platform firms more transparent and predictable. Shares in some U.S.-listed Chinese firms rallied in premarket trade, with Alibaba Group Holding gaining 2.2% and PDD Holdings rising 2.7%. Still Zhou Hao, economist at Guotai Junan International, said Wednesday's meeting was a "positive signal". "A sound development of the platform economy is very significant to investors too. Prudent development of platform firms is important to investors' long-term valuation," he added.

Persons: Li Qiang, Li, ByteDance's Douyin, Zhou Hao, Ella Cao, Brenda Goh, Ellen Zhang, Ethan Wang, Ryan Woo, Barbara Lewis, Mark Potter Organizations: Wednesday, HK, PDD Holdings, Alibaba, Ant, Reuters, Guotai, Thomson Locations: BEIJING, China, premarket

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