He is likely to throw after being cut for a year.

The date of the twenty-big rally meeting has been set, and the macro uncertainty has eased somewhat. Today, the capital in the market deduces the "overall economic expectation" and kills the "local boom". A50, Shanghai and Shenzhen 300, Zhong Zheng Liquor, and finally hang a meal of CSC 1000, CSI 500 and gem.

Today's article, which does not involve individual stocks, is a summary of the end of the year. $Tencent (TCEHY.US)$  $Alibaba (BABA.US)$

In the middle of March, the darkness is boundless.
The decision of the general public began on August 24, 2021 and lasted for a full year. The darkest is in mid-March this year, in addition to flying negative, more terrifying is in the stock price level.

Tencent, who has always been steady, fell by 4.47%, 9.79% and 10.19% on March 11, 14 and 15, as did BABA and Meituan. Pinduoduo, which is listed only in US stocks, fell even more, falling 17.49 per cent, 10.15 per cent and 20.54 per cent respectively in the three days from March 10 to 12. In those days, the general panic has spread to A shares, on the 14th and 15th, the Shanghai and Shenzhen 300 fell 3% and 4.57%.

Fortunately, on March 16, regulation finally bailed out the market. "the Chinese government continues to support all kinds of enterprises to list overseas." At that time, it was really speaking out.

It took 5 months to reach the cooperation of audit supervision in China draft quickly.
On the evening of August 26, Chinese and US officials announced that they signed an agreement on cooperation in audit supervision. Technically, the company will be able to stay in the U. S. stock market. In fact, the strong trend in the US stock market on August 24 and the outbreak of Hong Kong technology stocks on August 26 have proved the market's recognition that China will continue to stay in the US stock market.

It has been five months since mid-March to August 26. It is efficient for China and the United States to find a solution quickly in five months.

In the past five months, there have been a lot of rumors. The following table summarizes the recent news on US-listed stocks, which comes from the official account "Tiger Rui Review" on Wechat. In mid-September, China invited the PCAOB of the United States to Hong Kong to audit the draft. I believe there will be various "accidents" when the investigation is completed in November. After all, both sides are big countries, saving face.

Meituan and Pinduoduo, two new generation Internet giants, give a good report card for the second quarter!
After the trading of Hong Kong stocks on August 26 $MEITUAN-W (03690.HK)$The second-quarter results showed that revenue was 50.9 billion, an increase of 16% over the same period last year, a net loss of 1.1 billion, a year-on-year narrowing of 66.7%, and an adjusted net profit of 2.06 billion, turning losses into profits. Under the epidemic, the local immediate living demand is exuberant, effectively pulling the overall performance of Meituan, the data is better than the early market estimate.

Pinduoduo gave a brighter second-quarter report before the US stock market opened on August 29th. Second-quarter revenue was 31.4 billion, an increase of 36% over the same period last year; net profit attributable to common shareholders under the US general criteria was 8.9 billion.

The good net profit figure is due to the decline in operating expenses. Liu Jie, vice president of Pinduoduo, said that the postponement of some projects and the reduction of travel activities have a short-term impact on the operating costs reported in the second quarter. While this will make quarterly results look good, the long-term competitiveness of the platform is likely to be affected, especially given the current changes in the industry landscape.

wee $PDD Holdings (PDD.US)$Pinduoduo (PDD) $not only has a good growth, but also insists on investing for the future to continuously enhance the competitiveness of the company. The management of the company is still good. However, it also makes me more afraid of the subdivision track of e-commerce, which is too competitive and changing too fast. It remains to be seen whether Pinduoduo's income growth in this quarter can be maintained in the next quarter.

Today, the general policy risk can be said to be roughly released, and the investment will be suspended, waiting for the performance to return.
Although the bottom of the market already exists, when the performance will stabilize depends on the second half of the year. Only when the performance really returns to growth can the company's share price return to its original upward channel.

BoCom overseas China Internet Index (164906), with a net value of 0.975 yuan, will stop trading on August 29th.

-- Yi Fang Da CSC overseas 50ETF (006327 and 006328), with a net value of 0.8199 yuan, will be closed on August 29th