Chinese names continue to see elevated interest in today’s trading. Alibaba (BABA) remains in the spotlight on reports that Chinese authorities are mulling a $1 billion fine on Ant Group.
EV maker NIO (NIO) continues to see a Bullish stance from analysts and currently has a Strong Buy consensus rating alongside a $21.15 average price target.
This indicates a nearly 102% potential upside in the stock after a ~70% slide in the share price so far this year.
At the same time, NIO also faces rising competition in China with Tesla making newer forays and General Motors (GM) announcing plans to launch more than 15 new EV models in the country by 2025.
The Direxion Daily FTSE China Bull 3x Shares ETF (YINN) has now surged a massive 64.7% over the past month.
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