- Guangdong and Zhejiang, home to Tencent and Alibaba respectively, achieved higher than the national average GDP growth - indicative of the economic contribution of the two Chinese internet giants.
- A regulatory probe into Meituan's monopolistic practice, followed by an undercover expose of the dire working conditions of its delivery personnel, spooked investors, tanking its shares and related ETFs.
- An order by the Chinese central bank and regulatory bodies to fintech units restricting their apps to payments and to de-link financial services seemed poised to level the playing field.
- A reset in the competitive environment would favor Alibaba Group as it undergoes restructuring to comply with the new regulations.
- Wall Street analysts remain overwhelmingly "Very Bullish" on BABA, with a gradual increase in the consensus price target since mid-April reversing the downtrend from January.
For further details see:
The Great Reset For Chinese Internet Giants