The top-performing U.S.-listed Chinese stocks for 2023 weren’t well-known internet names. Instead of Alibaba — down more than 10% for the year — it’s Temu parent PDD Holdings that outperformed with gains of nearly 80% for 2023 as of Thursday, according to Wind Information. But topping PDD were three stocks that basically doubled or more for the year: ACM Research , New Oriental Education and Ehang . As a semiconductor play with subsidiaries in China, ACM’s roughly 160% surge wasn’t that surprising in a year that saw Nvidia skyrocket by more than 200%. New Oriental’s resurgence following China’s afterschool crackdown was more of a comeback story, thanks in no small part to a livestreaming venture by the company’s underemployed teachers. The sales of products via livestreaming are largely conducted through New Oriental’s Hong Kong-listed subsidiary East Buy. New Oriental shares climbed 103% in 2023 as of Thursday, after a rocky December that saw its CEO take greater control of East Buy and support star livestreamer Dong Yuhui. What’s potentially more forward-looking is flying car company Ehang’s 99% surge in 2023, as of Thursday. Goldman Sachs upgraded the stock to buy in October after Ehang said its EH216-S became the first vehicle to receive the Chinese government’s approval to conduct fully autonomous flights with two human passengers inside. In late December Ehang said the vehicle obtained the government’s airworthiness certification, and is starting to deliver the human-carrying drones for tourism in China. What Ehang needs next for bigger commercial operation is a production certificate and airspace approval, Goldman Sachs analysts Allen Chang and a team said in a Dec. 27 note. “Recently, EHang also announced new strategic partnership with Wings Logistics Hub in United Arab Emirates, receiving up to 100 units in pre-orders for the EH216 Series, which is positive for EHang to expand its overseas market and obtain local certification,” the Goldman report…
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