5 Cheap Chinese Stocks To Buy Now

3. Li Auto Inc. (NASDAQ:LI)

Number of Hedge Fund Holders: 28

Share Price as of October 25: $15.98

Li Auto Inc. (NASDAQ:LI) was founded in 2015 and is headquartered in Beijing, China. The company designs, develops, manufactures, and sells new energy vehicles in the People’s Republic of China. Li Auto Inc. (NASDAQ:LI) delivered 11,531 vehicles in September 2022, up 62.5% year-over-year, bringing third quarter deliveries to 26,524, which is a 5.6% increase on a year-over-year basis. The total deliveries of Li Auto Inc. (NASDAQ:LI) vehicles reached 211,015 at the end of September.

Morgan Stanley analyst Tim Hsiao on August 29 said that an announcement on Li Auto Inc. (NASDAQ:LI)’s mobile app indicates that the company will delay overall August delivery of L9 SUVs to August 30-September 4, citing power cuts in Sichuan and a “production hiccup” in its range extension system. However, the analyst assigned an Overweight rating to the stock and kept a $53 price target. 

According to Insider Monkey’s data, 28 hedge funds were bullish on Li Auto Inc. (NASDAQ:LI) at the end of Q2 2022, with collective stakes worth $1.40 billion, compared to 28 funds in the prior quarter worth $1.25 billion. D E Shaw is a prominent position holder in the company, with 3.6 million shares valued at $139 million. The hedge fund boosted its Li Auto Inc. (NASDAQ:LI) stake by a whopping 885% in the second quarter of 2022.