Tech stocks up, tech stocks down

Business & Technology

Recently listed food-delivery-and-everything-else company Meituan Dianping, electric-car startup Nio, and news aggregator Qutoutiao are all “now trading well above their IPO prices, shaking off concerns about the trade war and China’s slowing economy that have weighed on Chinese tech stocks recently,” says CNN.

Bloomberg tech reporter Lulu Yilun Chen wrote about Meituan founder Wang Xing 王兴: 39-year-old founder’s wealth jumps to $5.3 billion after IPO (porous paywall). Chen also noted on Twitter, “Meituan’s now overtaken Xiaomi in market cap.” Xiaomi, of course, is the mobile phone manufacturer that was last year’s darling of the Chinese tech scene.

Meanwhile, Caixin reports (paywall) that an “investor frenzy met Chinese peer-to-peer (P2P) lender X Financial on its first day of trading in New York on Wednesday, with its American depositary shares jumping by 26 percent to close at $11.97.

On the other hand, CNBC notes that Baidu, Alibaba, and Tencent have had $168 billion wiped off their value: “Alibaba shares are down over 11 percent year-to-date, Tencent has plunged 22.4 percent, while Baidu is off more than 6 percent.” CNBC cites the “U.S.-China trade war, concerns over valuation and a regulatory crackdown from Beijing” as reasons for the decline.