One of the biggest shopping seasons in China just concluded, and the news was less than what many investors might have hoped for. In fact, several Chinese stocks are celebrating, but quietly. Alibaba (NYSE:BABA), JD.com (NASDAQ:JD), and Pinduoduo (NASDAQ:PDD) are all up fractionally in Monday afternoon’s trading in the wake of Singles Day.
What is Singles Day in China?
The arrival of November 11th isn’t just a big day for Bethesda fans, who well-remember the release date for Skyrim. No, in China, it’s an even bigger event known as Singles Day. Since it’s the only date in the year that has all ones in it, it proved an excellent time to celebrate the single lifestyle. And, of course, all the disposable income and accordant spending that comes along with it. However, this year, while there was some growth to be had, the growth was nowhere near the growth of previous years. In fact, both Alibaba and JD.com kept mum on sales figures, which they’ve done for two years running now.
The reason? A simple and all too familiar one: Chinese consumers are taking a look at the world around them and aren’t liking what they see. Thus, they’re keeping a tighter grip on their wallets. Chinese shopping is somewhat different from American shopping, as the Chinese have a certain cultural disinclination toward debt. Thus, they spend what they have as opposed to going into debt like the American consumer so often does.
Which Chinese Stocks are a Good Buy Right Now?
Turning to Wall Street, PDD stock is the current laggard. With an average price target of $124.50, this Strong Buy offers investors 13.48% upside potential. Meanwhile, BABA stock is the leader, if only just; this Strong Buy offers investors 73.67% upside potential on its average price target of $143.93.
![](https://blog.tipranks.com/wp-content/uploads/2023/11/Screenshot-2023-11-13-at-12-21-32-Stock-Comparison-Tool-Compare-Stocks-Performance-TipRanks-TipRanks.com_.png)