Late at night, circuit breaker! Chinese concept stocks surge again

Once again, Chinese concept stocks surge.

On March 17, local time, the three major U.S. stock indices opened higher across the board. As of the latest update, the Dow Jones Industrial Average rose 0.7%, the Nasdaq increased 0.67%, and the S&P 500 gained 0.66%.

In terms of Chinese concept stocks, the Nasdaq Golden Dragon China Index experienced significant fluctuations early in the session. It opened sharply higher but quickly dropped and turned negative, then rebounded to turn positive again, currently up 0.11%.

Among popular Chinese concept stocks, Atour Hotels rose over 7%, Aster Solar Energy (000591) and Wuxin Technology gained over 5%, Xinyong, and Viomi Technology rose over 4%, Bawang Tea Princess and Miniso increased over 3%, Bilibili and BOSS Zhipin rose over 2%. Leading Chinese tech stocks included Meituan ADR, up nearly 3%, Pinduoduo up over 1%, Xiaomi Group ADR, Alibaba, and BYD (002594) ADRs also increased; Baidu Group declined slightly, Tencent Holdings ADR fell over 1%.

Notably, U-Paint Car stocks surged during trading, with a maximum increase of nearly 300%, repeatedly triggering circuit breakers. As of the latest update, the stock’s gain remains over 220%.

According to official information, U-Paint Car Group was established in Shanghai in 2013. In 2023, its battery swapping business unit, “U Power Limited,” successfully listed on Nasdaq, becoming the world’s first publicly traded company in the battery swapping technology field. The company’s developed “UOTTA” battery swapping technology meets the growing global demand for electric vehicle charging and addresses range anxiety and battery performance degradation issues in commercial new energy vehicles.

Previously, on March 11, the company announced the successful road testing of battery swapping heavy trucks and the overall debugging of the swapping mechanism for the Thailand export project. The company stated that this milestone marks a key step in the deployment of 1,000 swapping trucks in Thailand in partnership with strategic partner Whale Logistics (Thailand) Co., Ltd., paving the way for the production and delivery of the first batch of heavy-duty tractor trucks before May 2026.

Source: U-Paint Car Official Website

Proofread by: Wang Chaoquan

(Editor: Zhao Yanping HF094)

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