US Stock Market Move | Many popular Chinese concept stocks mostly fell. Futu Holdings Ltd. Sponsored ADR Class A (FUTU.US) dropped nearly 6%. UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR.US) dropped nearly 5%.

On Wednesday, the Nasdaq Golden Dragon Index in China fell nearly 2% in early trading, with many popular Chinese concept stocks declining. Futu Holdings Ltd. Sponsored ADR Class A (FUTU.US) dropped nearly 6%, UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR.US) dropped nearly 5%, Alibaba Group Holding Limited Sponsored ADR (BABA.US), and Xpeng Inc. (XPEV.US) fell over 2%, while Li Auto, Inc. Sponsored ADR Class A (LI.US) fell over 1%. In addition, the Hang Seng Index fell by 1.56% during the day, and the Hang Seng Tech Index dropped by 2.74%. In terms of news, Goldman Sachs Group, Inc. recently bearish on Hong Kong stocks: It believes that the profit recovery in the H-share market is delayed, internet subsidies and AI investment are suppressing profits, while A-shares benefit from profit upgrades, liquidity, and exposure to hard technology AI. H-shares still have room for recovery, but the issue is that waiting costs have increased. Other North Asian markets such as the Japanese and Korean markets provide stronger cyclical profit growth, with CKH HOLDINGS having higher visibility. If funds continue to be overweight in H-shares, they must bear the opportunity cost of delayed profits.