China’s U.S.-listed companies must be starting to think they can’t do anything right, as investors continue to offer the cold shoulder to many of the country’s firms despite healthy growth figures.
Video platform Bilibili and payday lender Qudian are the latest tech companies to receive a collective shrug, despite the two New York-listed Chinese firms posting solid quarterly earnings on Monday.
Bilibili booked 1.86 billion yuan ($265 million) in net revenues and 351.3 million yuan in gross profit in the three months through September, up 72% and 80% respectively from a year earlier. The company’s average monthly paying users also soared by 124% to 7.9 million.
Over at Qudian, revenues totaled 2.59 billion yuan, up 34.3% from a year ago, wh ile net profit grew by 52.6% to 1.04 billion yuan. The online lender also saw its total number of registered users increase by 11.8% over the quarter.
Enough to get investors rubbing their hands in delight, you might think. But not so: Bilibili’s stock price closed down 1.97% on Monday, while Qudian’s tumbled by a whopping 21%.
In December 2017, a U.S. law firm sued Qudian over allegations that the company had falsified claims in its IPO documents and violated other rules and regulations. The conclusion of the case remains unclear.
Contact reporter Ding Yi (firstname.lastname@example.org)