What's Going On With Chinese Stocks?

Straight from Benzinga newsdesk, host Michael O'Connor brings you the market news and stocks to watch.

Subscribe to our Stocks To Watch Newsletter here : https://go.benzinga.com/sales-page-187126583617110118712659Today's Stocks:

 $BABA $BIDU $PDD $LI $JKS

The Caixin/S&P Global services purchasing managers' index (PMI) dropped to 51.8 in August from 54.1 in July, the lowest reading since December due to the pandemic.

• Alibaba Group Holding Limited's (NYSE:BABA) stock is trading lower Tuesday in line with the broader indexes IShares China Large-Cap ETF (NYSE:FXI) and KraneShares Trust KraneShares CSI China Internet ETF (NYSE:KWEB) amid reports of China's services activity growing at the slowest pace in eight months in August.
• Baidu, Inc (NASDAQ:BIDU) announced over ten new AI-based applications on Tuesday, just days after mass commercializing the ChatGPT-like Ernie bot. Baidu also showcased generative AI-based products that could assist with traffic management, financial research, and coal mine logistics. Nearly 10,000 businesses are using Baidu's Qianfan cloud platform each month per the company.
• PDD Holdings Inc - ADR (NASDAQ:PDD) shares are trading lower by 2.6% to $100.56 Tuesday afternoon. Shares of several Chinese stocks are trading lower following Caixin Services PMI data, which showed slower-than-expected August service sector activity growth.
• Li Auto Inc (NASDAQ:LI) shares are trading lower by 6.1% to $39.74 going into the close of Tuesday's session. Shares of several Chinese stocks are trading lower following Caixin Services PMI data, which showed slower-than-expected August service sector activity growth.
• JinkoSolar Holding Co., Ltd (NASDAQ:JKS) shares are trading lower by 3.1% to $33.39 going into the close of Tuesday's session. Shares of several Chinese stocks are trading lower following Caixin Services PMI data, which showed slower-than-expected August service sector activity growth.

Hosts:

Michael O'Connor , Benzinga Newsdesk

Reach out to Michael at michaeloconnor@benzinga.com

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