Ratings by China Merchants Securities (Crystal Li)
| Date | Company | Symbol | Type | Rating (Past) |
PT (Past) |
Start $ (End $) |
% Chg. | Details |
|---|---|---|---|---|---|---|---|---|
| 10/14/2026 | Tencent Music Entertainment Group | TME | Upgrade | Buy (Hold) |
8.50 (8.63) |
1.53% | Details | |
| 8/12/2026 | Tencent Music Entertainment Group | TME | Downgrade | Hold (Buy) |
8.72 (8.50) |
-2.52% | Details | |
| 8/6/2026 | Duolingo Inc. | DUOL | Upgrade | Buy (Hold) |
135.32 (141.76) |
4.76% | 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 (12.86) |
-23.54% | Details | |
| 3/21/2025 | Pinduoduo Inc. | PDD | Upgrade | Buy (Hold) |
130.92 (80.97) |
-38.15% | Details | |
| 11/22/2024 | Pinduoduo Inc. | PDD | Downgrade | Hold (Buy) |
104.09 (80.97) |
-22.21% | Details |


