Monday, May 17, 2021 11:24:19 AM
The bank said it doesn’t comment on individual investments. The Swiss National Bank managed about $150 billion in U.S.-traded equities as of March 31.
The bank bought 427,954 American depositary receipts of Li Auto in the first quarter. It hadn’t owned any of the ADRs at the end of 2020.
Li Auto ADRs fell 13.3% in the first quarter, compared with a 5.8% gain in the S&P 500 index. So far in the second quarter, through Friday’s close, Li Auto ADRs have tumbled 26.6%, while the index has gained 5.1%.
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The central bank also bought 74,000 more ADRs of XPeng to end the first quarter with 433,175. The shares have followed the same downward trend as Li Auto ADRs, falling 14.8% in the first quarter, and then 29.6% afterward.
Li Auto and XPeng ADRs have been pummeled by worries about increasing competition, one analyst thinks. A chip shortage is also hurting the sector. Nonetheless, Li Auto reported strong April deliveries, and XPeng’s first-quarter report was better than expected.
Zoom Video stock slipped 4.8% in the first quarter, and is down 4.2% since.
Zoom Video CEO Eric Yuan said he has experienced videoconferencing fatigue himself. One observer thinks the company could make acquisitions. Zoom Video has stepped up compliance measures through the Covid-19 pandemic.
https://www.barrons.com/articles/swiss-bank-bought-chinese-ev-stocks-li-auto-xpeng-marijuana-stock-tilray-51621004457?siteid=yhoof2&yptr=yahoo
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