named six Chinese internet stocks it says to buy — predicting that each have upside of at least 27%. Valuations of Chinese internet stocks fell 5% between mid-June and the start of September, the bank said, and it recommended looking at "micro" factors affecting stocks rather than the broader macroeconomic environment — such as improved market share and new revenue streams.
's target price, with the bank expecting it to take six to 12 months for a stock to reach its target price. As well as Pinduoduo, the bank said shopping platform Meituan "delivered better-than-expected ad revenue growth in 2Q 2023." , "delivered a strong beat in ad revenue," the analysts said. Mini games, found within Tencent's WeChat app, "are gradually becoming another important driver that was underappreciated by the market," the bank added. Tencent, along with shopping giant Alibaba , are reaping the benefits of investing into large language models, according to