Asian stocks generally fell overnight after a flat survey on Wall Street that saw the “Magnificent 7” names hit by profit-taking. This despite a drop in the strength of the US dollar against local currencies. The possible escalation between Russia and Ukraine also affected the markets overnight.

Mainland China held up better than Hong Kong, as the technology-oriented STAR Board outperformed. However, according to traders, markets in China lacked direction.

We’re seeing divergent signals about the customer from other stakeholders, which is interesting. Shares of short video platform Kuaishou especially fell overnight as the watch revealed weak prospects for its e-commerce business. However, the festival in the social and short- video e-commerce sector, which Kuaishou entered, is incredibly difficult. Douyin, China’s “TikTok,” is the leader in this field, and it can be difficult for others to penetrate effectively; Even the biggest e-commerce players have struggled to compete.

Meanwhile, a major bank did a survey of foreign brands in China on their growth, and many said that they are seeing slowing sales. But, many of the brands they highlighted are, similarly to Kuaishou, facing increased competition. Most of their competition is coming from local players, especially in apparel and smartphones.

Fintech lenders show a healthier customer. Chinese customer money generation company Qifu Technology reported third-quarter results that topped analyst estimates in terms of cash in and net profit. Lender client’s successful quarter is a positive sign for Chinese clients. The company reported adjusted net cash inflow of RMB 4. 4 billion and net profit of RMB 1. 8 billion, up 55% year-on-year. The company focuses on customer lending and has a penchant for innovation in credit scoring techniques. Qifu basically provides small loans to customers to finance large outdoor home purchases, basically operating in the subprime market. The company has done a smart job of staying profitable in a challenging environment for Chinese fintech companies in recent years, since Ant Group’s indefinite deferment. IPO.

Online cash inflows continued with PDD releasing third quarter effects this morning before the market opened in the US, marking the first significant loss of the third quarter. +44% of the company’s cash reached RMB 99. 4 billion, 3% less than expected for the global e-commerce giant. Net profit also decreased by 6% than expected. Unfortunately, the company doesn’t spread its cash across any region, so we don’t know if the weakness is in China or elsewhere.

The EV ecosystem combined, but overall declined overnight. NIO declined as shipment forecasts came in lower than expected and Xpeng fell -6% due to concerns about falling prices.

According to the South China Morning Post, China’s Ministry of Industry and Information Technology (MIIT) has suggested solar corporations undertake large-scale projects unnecessarily. This comes after the Ministry of Finance (MOF) reduced the tax cut on solar panel exports to 9%, from 13% last week. This is welcome political direction as we move toward a Trump administration in the United States. Chinese leaders may be preparing to strike a meaningful deal with the U. S. The U. S. and others, which could simply Brazil, another key trading partner, has also just increased price lists for solar panels, so negotiations will most likely extend beyond the United States.

The Hang Seng and Hang Seng Tech indices fell -0. 53% and -1. 24% respectively. The sectors that acted were public services and energy. Meanwhile, the sectors that performed the worst were consumer staples, consumer discretionary and real estate.

Shanghai, Shenzhen and the STAR Board diverged to +0. 07%, -0. 07% and +0. 89% respectively.

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