ADRs are way down

ADRs — Chinese stocks listed in the U.S. — are down 4.29% again today, and are down by 34.27% so far this year. It has been a similar tale of woe for China stocks in all the markets this year: The Shanghai Composite has lost 16.87% this year so far, while the Hang Seng China Enterprises index has slumped to its lowest level since the global financial crisis.

More than a quarter of cars sold in China are electric: According to the China Association of Automobile Manufacturers, 2.61 million cars were sold in China in September, a year-on-year increase of 25.7%. This included sales of 708,000 electric vehicles (EVs), a year-on-year increase of 93.9% and a record high. The proportion of EVs to all vehicles was 27.1%.

The ambitious Shanghai Municipal government has released a new plan to seize the “future highlands of frontier industries,” including brain-computer interfacing, quantum computing, and 6G technology, and plans to attain industrial output of about 500 billion yuan (almost $70 billion) by 2030.

Yesterday, French beauty brand L’Oréal held a groundbreaking ceremony for its new “smart operational center” at its factory in Suzhou, Jiangsu Province, which first opened in 1996. The new center, set to open late in 2023, will cover ​​90,000 square meters (968,751 square feet) and is expected to triple the company’s annual direct-to-consumer output.