Worries over widespread protests against China's zero-COVID policies, which swept China over the weekend, began to subside Tuesday as the scale of the protests moderated. As of 10:45 a.m. ET, online brokerage Futu Holdings Limited (NASDAQ: FUTU) stock is up a strong 10.2%, e-cigarette maker RLX Technology (NYSE: RLX) is even higher at 14.7%, and e-commerce site Dada Nexus (NASDAQ: DADA) is doing best of all -- up 15.8%. The Washington Post tracked protests ongoing in more than a dozen major Chinese cities last night, but while the protests are ongoing, the Post noted that most demonstrations are now much smaller than what was seen over the weekend.
As a result, its shares were up a very tasty 39% week to date as the sun rose on Friday, data compiled by S&P Global Market Intelligence revealed. On Tuesday, Dada Nexus set the stage for its encouraging third quarter by unveiling its performance on Singles Day. This is an unofficial but very popular holiday in China that commemorates, you guessed it, people currently without partners (it's also known as "Double 11," as it falls on Nov. 11).
SHANGHAI, China, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Dada Nexus Limited (NASDAQ: DADA, “Dada” or the “Company”), China’s leading local on-demand delivery and retail platform, today announced its unaudited financial results for the third quarter ended September 30, 2022. Third Quarter 2022 Highlights Total net revenues in the third quarter were RMB2,380.1 million, an increase of 41.1% year over year from RMB1,686.8 million in the same period of 2021.Total Gross Merchandise Volume (“GMV”) of JDDJ fo