Chinese Retail Giant PDD Plummets Nearly 30% After Disappointing Earnings: Which ETFs Are Most Impacted?
Chinese Retail Giant PDD Plummets Nearly 30% After Disappointing Earnings: Which ETFs Are Most Impacted?
Goldman Sachs analyst Ronald Keung, noted that the negative market reaction was likely driven by heightened expectations ahead of the earnings release, as the stock had surged about 20% from the low $120s since late July in anticipation of strong results.American depositary receipts (ADRs) of PDD Holdings Inc. (NASDAQ:PDD) plunged nearly 30% on Monday, marking their worst performance since the company went public in 2018. The sharp decline comes amid widespread selling pressures triggered by the company's dismal second-quarter earnings and a more pessimistic revenue forecast.
PDD Holdings Inc.（NASDAQ：PDD）的美國存託憑證（ADRs）在週一暴跌了近30％，創下了自2018年上市以來的最差表現。這種大幅下跌是由於公司第二季度營收表現糟糕和更悲觀的營業收入預期引發的普遍賣壓。
The sell-off was driven by a combination of lackluster second-quarter results and a bleaker revenue outlook that rattled investor confidence.
拋售行爲是因爲第二季度業績低迷和更加悲觀的營收前景，這使投資者信心受到動搖。
The Chinese retail giant reported quarterly revenues of RMB97.06 billion ($13.4 billion), an 86% increase from RMB52.28 billion in the same quarter of 2023. However, the figure fell short of analyst expectations, which were set at $13.78 billion.
這家中國零售巨頭報告的季度營收爲9706億元人民幣（134億美元），同比增長86％，高於2023年同期的5228億元人民幣。然而，這個數字不及分析師預期的137.8億美元。
Market Punishes PDD On Disappointing Q2 Results, Goldman Sachs Holds Bullish Outlook
市場懲罰PDD的失望第二季度業績，高盛保持看好態度
Goldman Sachs analyst Ronald Keung, noted that the negative market reaction was likely driven by heightened expectations ahead of the earnings release, as the stock had surged about 20% from the low $120s since late July in anticipation of strong results.
高盛分析師Ronald Keung指出，市場的負面反應很可能是由於在業績發佈前市場對強勁業績的期望提升，自7月下旬以來股價從最低120美元左右上漲約20％。
Keung also highlighted initial signs of a slowdown in online marketing services growth, which came in at 29% year-over-year, below the consensus estimates of 36%, as well as management's comments about slower revenue growth, fluctuating profits due to intensified competition, and the potential long-term decline in domestic profitability added to the concerns.
Keung還強調了在線營銷服務增長放緩的初步跡象，同比增長29％，低於市場預期的36％，以及管理層關於營收增長放緩、加劇的競爭導致利潤波動以及國內盈利能力潛在長期下降等問題的評論，這進一步加劇了市場的擔憂。
"While encouraged by the solid progress we made in the past few quarters, we see many challenges ahead," said Lei Chen, chairman and co-CEO of PDD Holdings.
PDD Holdings的董事長兼聯席首席執行官Lei Chen表示：「儘管我們在過去幾個季度取得了良好的進展，但我們面臨着許多挑戰。我們致力於向高質量發展轉型，並促進可持續的生態系統。我們將大力投資平台的信任和安全性，支持高質量的商家，並不斷改善商家生態系統。我們願意承受短期的犧牲和潛在的盈利下降。」
"We are committed to transitioning toward high-quality development and fostering a sustainable ecosystem. We will invest heavily in the platform's trust and safety, support high-quality merchants, and relentlessly improve the merchant ecosystem. We are prepared to accept short-term sacrifices and a potential decline in profitability," Chen added.
陳磊，PDD Holdings的董事長兼聯席首席執行官說：「我們在過去幾個季度取得了可喜的進展，我們看到了很多挑戰。我們致力於向高質量發展轉型，並促進可持續的生態系統。我們將大力投資平台的信任和安全性，支持高質量的商家，並不斷改善商家生態系統。我們願意承受短期的犧牲和潛在的盈利下降。」
Despite the disappointing earnings, Goldman Sachs maintained a Buy rating on PDD, with a 12-month price target of $184, equating to a nearly 90% upside from current market levels.
儘管營收不盡人意，高盛仍然對pdd給予買入評級，並設定了12個月的價格目標爲184美元，相當於當前市場水平的近90%的上漲空間。
The investment bank highlighted PDD's strong adtech capabilities, cost-competitive Chinese suppliers, and favorable risk-reward profile, indicated that the current market cap does not account for any valuation attributed to PDD's online marketplace Temu.
這家投資銀行強調了pdd強大的廣告技術能力、具有競爭力的中國供應商以及有利的風險收益特點，並指出當前市值沒有計算到pdd在線市場Temu所帶來的任何估值。
ETFs With Significant Exposure To PDD Suffer A Blow
承載pdd重大風險的etf遭重創。
PDD's dramatic single-day decline had a ripple effect on several exchange-traded funds (ETFs) with significant exposure to the stock. Here are the most affected ETFs:
pdd的一天暴跌對幾支與該股有重大關聯的交易所交易基金（etf）產生了漣漪效應。以下是受影響最大的etf：
| ETF Name | Weight % | 1-day % Change |
|---|---|---|
| ProShares Online Retail ETF (NYSE:ONLN) | 11.27% | -4.6% |
| Global X MSCI China Consumer Discretionary ETF (NYSE:CHIQ) | 10.23% | -4.3% |
| ProShares Long Online/Short Stores ETF (NYSE:CLIX) | 9.87% | -4.6% |
| Invesco China Technology ETF (NYSE:CQQQ) | 9.32% | -3.5% |
| KraneShares CSI China Internet ETF (NYSE:KWEB) | 9.05% | -3.22% |
| ETF 名稱 | 權重% | 1天%變化 |
|---|---|---|
| ProShares Online Retail ETF（紐交所：ONLN） | 11.27% | -4.6% |
| msci中國非必需消費etf-global x（紐交所：CHIQ） | 10.23% | -4.3% |
| proshares長線網上/空倉店鋪etf（紐交所：CLIX） | 9.87% | -4.6% |
| 中國科技ETF (紐交所:CQQQ) | 9.32% | -3.5% |
| kraneshares中國海外互聯網etf (紐交所:KWEB) | 9.05% | -3.22% |
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Photo: Shutterstock
Photo: shutterstock
譯文內容由第三人軟體翻譯。