Success Abroad Drives Rare Winners in Dismal China Stock Market
- Retailers PDD and Miniso have each climbed over 70% this year
- Domestic market ‘has become a red ocean’: EFG fund manager Li
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In a year when Chinese stocks are among the worst-performing globally, there have been rare winners: those that have shown they can compete on the global stage.
Take PDD Holdings Inc. Its US-listed shares have surged 80% this year as its Temu discount shopping app quickly grew into a legitimate Amazon.com Inc. challenger after a splashy Super Bowl ad in February. Budget lifestyle retailer Miniso Group Holding Ltd., which opened a flagship store in Times Square in May, is up by more than 70% amid record sales and profits.