Ratings by China Merchants Securities (Crystal Li)
| Date | Company | Symbol | Type | Rating (Past) |
PT (Past) |
Start $ (End $) |
% Chg. | Details |
|---|---|---|---|---|---|---|---|---|
| 8/12/2026 | Tencent Music Entertainment Group | TME | Downgrade | Hold (Buy) |
8.72 (8.26) |
-5.28% | Details | |
| 8/6/2026 | Duolingo Inc. | DUOL | Upgrade | Buy (Hold) |
135.32 (154.46) |
14.14% | Details | |
| 2/27/2026 | Duolingo Inc. | DUOL | Downgrade | Hold (Buy) |
117.45 (135.32) |
15.21% | Details | |
| 8/20/2025 | Vipshop Holdings | VIPS | Upgrade | Buy (Hold) |
16.82 (13.20) |
-21.52% | Details | |
| 3/21/2025 | Pinduoduo Inc. | PDD | Upgrade | Buy (Hold) |
130.92 (82.21) |
-37.21% | Details | |
| 11/22/2024 | Pinduoduo Inc. | PDD | Downgrade | Hold (Buy) |
104.09 (82.21) |
-21.02% | Details |

