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home / news releases / VIPS - Baidu Tencent Music defended by Citi bull after rout

VIPS - Baidu Tencent Music defended by Citi bull after rout

Vipshop Holdings Limited American Depositary Shares each representing two
After the large pullback for U.S.-listed Chinese stocks last week, Citi analysts including Alicia Yap are reiterating Buy ratings on Baidu (BIDU), Tencent Music Entertainment (TME), and Vipshop (VIPS).Yap writes that the firm believes and is reassured "that none of the sell-off is fundamental related," but the selloff could still trigger "more forced selling pressure or de-risk selling sentiment from other funds in the next few days."BIDU ADRs are up 1.4% pre-market. TME is up 8.4% after launching a $1B buyback program.The Chinese tech rout followed a number of large block trades as Archegos Capital, Bill Hwang's family office, was forced to sell more than $20B of stocks.

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Baidu, Tencent Music defended by Citi bull after rout
Stock Information
Company Name: Vipshop Holdings Limited American Depositary Shares each representing two
Stock Symbol: VIPS
Market: NYSE
Website: vip.com
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