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QUANTUMSCAPE CORP

QuantumScape

QuantumScape Corp is engaged in the development of next-generation solid-state lithium-metal batteries for use in electric vehicles and other applications. The company's solid-state lithium-metal battery technology is designed to offer greater energy density, faster charging, and enhanced safety. Its battery cells have none of the host materials used in conventional anodes.

Stifel analyst J. Bruce Chan maintains Old Dominion Freight Line (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>) with a Buy and raises the price target from $175 to $183.

News

Price Target

Analyst Ratings

ODFL

Stifel Maintains Buy on Old Dominion Freight Line, Raises Price Target to $183

Stifel analyst J. Bruce Chan maintains Forward Air (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FWRD#NASDAQ">FWRD</a>) with a Buy and raises the price target from $29 to $33.

FWRD

Stifel Maintains Buy on Forward Air, Raises Price Target to $33

Barclays analyst David Anderson maintains Baker Hughes (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) with a Overweight and raises the price target from $48 to $53.

Barclays Maintains Overweight on Baker Hughes, Raises Price Target to $53

Stifel analyst J. Bruce Chan maintains ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) with a Buy and raises the price target from $83 to $93.

ARCB

Stifel Maintains Buy on ArcBest, Raises Price Target to $93

Stifel analyst Mark Kelley maintains Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) with a Buy and raises the price target from $218 to $222.

GOOGL

Stifel Maintains Buy on Alphabet, Raises Price Target to $222

Stifel analyst J. Bruce Chan downgrades Saia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAIA#NASDAQ">SAIA</a>) from Buy to Hold and raises the price target from $277 to $306.

Downgrades

SAIA

Stifel Downgrades Saia to Hold, Raises Price Target to $306

Cryptocurrency markets are down on Thursday, with altcoins notably underperforming Bitcoin after a recent strong spell.
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Ticker</td>
<td>Price</td>
</tr>
<tr>
<td>Bitcoin</td>
<td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>$118,742.21</td>
</tr>
<tr>
<td>Ethereum</td>
<td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>$3,648.82</td>
</tr>
<tr>
<td>Solana</td>
<td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td>
<td>$185.82</td>
</tr>
<tr>
<td>XRP</td>
<td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td>
<td>$3.13</td>
</tr>
<tr>
<td>Dogecoin</td>
<td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>$0.2374</td>
</tr>
<tr>
<td>Shiba Inu</td>
<td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td>
<td>$0.00001367</td>
</tr>
</tbody>
</table>
</figure>
Notable Statistics:
<ul class="wp-block-list">
<li>IntoTheBlock data shows Bitcoin and Ethereum large transaction decreased by 13.4% and increased by 5.2%, respectively. Daily active addresses grew 6.2% and dropped 4.8%, respectively.</li>
<li>Coinglass data shows 310,509 traders were liquidated in the past 24 hours for $956.46 million.</li>
<li>SoSoValue data shows net outflows of $85.96 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $332.2 million.</li>
</ul>
Trader Notes: Rekt Capital <a href="https://x.com/rektcapital/status/1948328388533350768">sees</a> Bitcoin is currently in week three of its price discovery uptrend two, a historical phase that often sees several more weeks of rally before a potential pullback, dubbed price discovery correction two. 
The broader trend remains intact, with further upside potential.
Crypto trader Scient observed that although Bitcoin has remained range-bound over the past three days, BTC Dominance is climbing as Ethereum, and altcoins decline. 
This capital rotation into Bitcoin may be laying the groundwork for a push toward $125,000.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>, still where it was 3 days ago. BTC.D up, ETH down, Altcoins down a lot. I think fuel gathered for BTC to $125k <a href="https://t.co/5xADzM9xhy">pic.twitter.com/5xADzM9xhy</a>
&mdash; Scient (@Crypto_Scient) <a href="https://twitter.com/Crypto_Scient/status/1948317963997655058?ref_src=twsrc%5Etfw">July 24, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Miles Deutscher <a href="https://x.com/milesdeutscher/status/1948339212702339308">pointed</a> out that Ethereum's recent rally to $3,800 was largely driven by ETF flows and spot demand, without a spike in funding rates, indicating the move wasn't driven by leverage or hype. 
As the cycle matures, funding is expected to rise, but for now, market conditions appear sustainable and healthy.
CrediBULL Crypto <a href="https://x.com/CredibleCrypto/status/1948266385802465705">noted</a> that XRP has completed a triple tap pattern, hitting the range highs and successfully flipping its D3 supply zone into support. 
On lower timeframes, a fifth sub-wave may still be in play, pointing to the end of an initial 5-wave structure from the $1.90 lows. The trader sees the current pullback as a bullish consolidation.
Crypto trader GalaxyBTC <a href="https://x.com/galaxyBTC/status/1948231685432094854">highlighted</a> a classic breakout and retest pattern on Dogecoin, predicting a significant move is on the horizon for the meme coin.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Classic breakout + retest on <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a>. Time to get this dog moving again. <a href="https://t.co/B0KmdOoGSs">pic.twitter.com/B0KmdOoGSs</a>
&mdash; Galaxy (@galaxyBTC) <a href="https://twitter.com/galaxyBTC/status/1948231685432094854?ref_src=twsrc%5Etfw">July 24, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46576127/want-to-invest-1000-in-bitcoin-eth-xrp-heres-the-data-on-the-ideal-portfolio">Want To Invest $1,000 In Bitcoin, ETH, XRP? Here&#8217;s The Data On The &#8216;Ideal&#8217; Portfolio</a></li>
</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

$DOGE

$ETH

$SHIB

$SOL

$XRP

Bitcoin Holds Ground As Ethereum, XRP, Dogecoin Wobble

Manpower Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAN#NYSE">MAN</a>) has been falling for what feels like forever—the stock has been in a steady downtrend for over 1400 days. Now entering the Guna Triads in its Adhishthana Cycle, the real question is: what went wrong, and is there any recovery in sight?
<h3 class="wp-block-heading">What Went Wrong for Manpower?</h3>
According to Adhishthana Principles, stocks move through a formation called the Adhishthana Cakra between Phases 4 and 8. This is typically a channel or arc pattern, from which a breakout is triggered in Phase 9. The breakout signals the beginning of a strong bullish move and the start of the Himalayan formation. But Manpower never got there.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="1200" height="446" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/24063313/MAN-Cakra-Breakdown-Adhishthana.png" alt="Fig.1 Manpower's Cakra Breakdown (Source: Adhishthana.com)" class="wp-image-16347" style="width:688px;height:auto" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/24063313/MAN-Cakra-Breakdown-Adhishthana.png 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/24063313/MAN-Cakra-Breakdown-Adhishthana-300x112.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/24063313/MAN-Cakra-Breakdown-Adhishthana-1024x381.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/24063313/MAN-Cakra-Breakdown-Adhishthana-768x285.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><figcaption class="wp-element-caption">Fig.1 Manpower&#8217;s Cakra Breakdown (Source: Adhishthana.com)</figcaption></figure>
Instead of breaking out, it broke down. That breakdown marked the beginning of what is called the Move of Pralay—a highly aggressive selloff.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">"When the underlying breaks the Cākra on the flip side, it typically draws consolidation up to the Guna triads. The movement after the break is typically highly significant, and the selling momentum is extremely strong." — Adhishthana: The Principles That Govern Wealth, Time &amp; Tragedy
</blockquote>
Since then, the stock has lost over 68 percent, sliding from the $120 zone to around $45. And the structural damage hasn't healed yet.
<h3 class="wp-block-heading">Where It Stands Now: The Guna Triads Begin</h3>
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="970" height="638" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/24063547/Manpower-Weekly-Chart-Adhishthana-.png" alt="Fig.2 Manpower Stock's Guna Triads Start (Source: Adhishthana.com)" class="wp-image-16348" style="width:359px;height:auto" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/24063547/Manpower-Weekly-Chart-Adhishthana-.png 970w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/24063547/Manpower-Weekly-Chart-Adhishthana--300x197.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/24063547/Manpower-Weekly-Chart-Adhishthana--768x505.png 768w" sizes="(max-width: 970px) 100vw, 970px" /><figcaption class="wp-element-caption">Fig.2 Manpower&#8217;s Guna Triads Start (Source: Adhishthana.com)</figcaption></figure>
MAN is currently in Phase 14 of its 18-phase Adhishthana cycle on the weekly charts. Phases 14 to 16 are collectively known as the Guna Triads. These three phases decide whether a stock has enough momentum to reach Nirvana in Phase 18.
But the early signs are not encouraging. Phase 14, which ends on September 14, 2025, has so far been bearish. According to the principles, when Tamoguna dominates Phase 14, it typically rules out the possibility of Nirvana in Phase 18.
<h3 class="wp-block-heading">Investor Outlook</h3>
MAN's steep decline was structurally driven by the Move of Pralay. And now, with Phase 14 unfolding under the influence of Tamoguna, the outlook continues to lean bearish.
The Guna Triads will be completed by July 19, 2026. Until then, investors should avoid the stock. The current setup doesn't suggest the slump is over. To put it simply, Just when Manpower thought it was out, the bears pulled it back in.
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

Equities

Technicals

Opinion

Signals

Trading Ideas

Manpower Stock: Why It May Be Best To Wait Until Next July

Raymond James analyst Daniel Tamayo upgrades Mercantile Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBWM#NASDAQ">MBWM</a>) from Market Perform to Outperform and announces $55 price target.

Upgrades

MBWM

Raymond James Upgrades Mercantile Bank to Outperform, Announces $55 Price Target

Rosenblatt analyst Barton Crockett maintains Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) with a Neutral and raises the price target from $189 to $191.

GOOG

Rosenblatt Maintains Neutral on Alphabet, Raises Price Target to $191

Piper Sandler analyst Paul Newsome downgrades Chubb (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>) from Overweight to Neutral and lowers the price target from $335 to $283.

Piper Sandler Downgrades Chubb to Neutral, Lowers Price Target to $283

In a significant update for the semiconductor industry, Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) CEO Lisa Su stated <a href="https://www.benzinga.com/topic/ai-chips" target="_blank" rel="noreferrer noopener">that chips produced</a> for AMD by Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) in Arizona are more expensive than those made in Taiwan.
At an AI-focused event in Washington on Wednesday, Su noted that the U.S.-manufactured chips cost between 5% and 20% more. For context, <a href="https://www.benzinga.com/25/03/44084767/taiwan-semiconductor-weighs-100-billion-us-investment-as-chip-war-heats-up" target="_blank" rel="noreferrer noopener">the U.S. government</a> actively pushed the Taiwanese chipmaker to expand its advanced chip production on American soil rather than in Taiwan.
Citing national security and supply chain resilience, the Trump and Biden administrations urged Taiwan Semiconductor to migrate critical manufacturing capabilities, including advanced chip packaging, to the U.S. 
Also Read: <a target="_blank" href="https://www.benzinga.com/government/regulations/25/04/44844097/amd-flags-800-million-risk-from-new-us-chip-export-rules-as-china-tariffs-add-pressure" rel="noreferrer noopener">AMD Flags $800 Million Risk From New US Chip Export Rules As China Tariffs Add Pressure</a>
In response, Taiwan Semiconductor invested over $65 billion in its Arizona fabs. It is considering up to $100 billion in U.S. chip manufacturing projects over the next four years to support America&#8217;s semiconductor leadership.
Despite the increased cost, Su underscored the strategic value of this investment in an <a href="https://www.bloomberg.com/news/articles/2025-07-23/amd-ceo-su-sees-chips-from-us-tsmc-plant-costing-5-to-20-more?srnd=phx-technology&amp;sref=TBDibEcD">interview</a> with Bloomberg Television, emphasizing that it significantly strengthens AMD&#8217;s chip supply chain. AMD anticipates receiving its first batch of chips from TSMC&#8217;s Arizona facility by the end of this year.
Su also mentioned that Taiwan Semiconductor&#8217;s Arizona plant has already achieved yields comparable to those of its factories in Taiwan, meaning the number of usable chips per production run is on par.
The event where Su spoke was the Hill and Valley Forum, a gathering hosted by the All-In Podcast team, tech leaders, and lawmakers. President Donald Trump and other administration officials attended to promote their <a href="https://www.benzinga.com/markets/tech/25/07/46585563/semiconductor-stocks-gain-as-trumps-ai-action-plan-fuels-hopes-of-major-chip-demand-surge">newly unveiled</a> AI Action Plan.
This comprehensive plan, introduced by the White House on Wednesday under Trump&#8217;s directive, aims to boost U.S. innovation, enhance AI infrastructure, and solidify America&#8217;s global leadership in artificial intelligence. Su expressed strong support for the government&#8217;s focus on AI and commended the practical approach of the administration&#8217;s action plan.
In related news concerning the semiconductor market, AMD and its main competitor, Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), recently saw some easing of U.S. export restrictions on AI accelerators shipped to China. However, Su noted that uncertainties persist regarding the number of licenses that will be granted and the duration for which companies will be permitted to continue shipments to China, which remains a crucial market for semiconductors.
Su concluded her remarks by highlighting the strong ongoing demand for AI chips and pointing to large-scale investments from OpenAI&#8217;s Sam Altman and xAI&#8217;s Elon Musk.
Year-to-date, AMD stock has gained over 31%, while TSM has risen 22%. The PHLX Semiconductor Index, which includes both companies, has seen a gain of over 13%.
Price Actions:&nbsp;AMD stock is trading higher by 1.29% to $160.70 premarket at last check Thursday. TSM is up 0.47%.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46567367/how-taiwan-is-betting-big-on-ai-to-power-its-economy" target="_blank" rel="noreferrer noopener">How Taiwan Is Betting Big On AI To Power Its Economy</a></li>
</ul>
Image via Shutterstock

Movers

Tech

Media

NVDA

AMD CEO Highlights Higher Costs For US Made Chips As Supply Chain Strengthens

Northern Oil And Gas Reports Q2 Mark‑To‑Market Derivative Gains Of $65M–$70 M, Realized Hedge Gains Of $58M–$63 M, Hedges 50K BPD For H2 2025 And Expects $112M–$120 M Non‑Cash Impairment Charge

Piper Sandler analyst Stephen Scouten downgrades BankUnited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKU#NYSE">BKU</a>) from Overweight to Neutral and raises the price target from $41 to $43.

Piper Sandler Downgrades BankUnited to Neutral, Raises Price Target to $43

WIIM

MaxLinear shares are trading higher after the company reported better-than-expected Q2 sales results and issued Q3 sales guidance with its midpoint above estimates.

Rosenblatt analyst Blair Abernethy maintains Pegasystems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEGA#NASDAQ">PEGA</a>) with a Buy and raises the price target from $59 to $61.

PEGA

Rosenblatt Maintains Buy on Pegasystems, Raises Price Target to $61

Piper Sandler analyst Paul Newsome downgrades Goosehead Insurance (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSHD#NASDAQ">GSHD</a>) from Overweight to Neutral and lowers the price target from $122 to $109.

GSHD

Piper Sandler Downgrades Goosehead Insurance to Neutral, Lowers Price Target to $109

World Acceptance (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WRLD#NASDAQ">WRLD</a>) reported quarterly earnings of $0.25 per share. This is a 86.03 percent decrease over earnings of $1.79 per share from the same period last year. The company reported quarterly sales of $132.452 million which beat the analyst consensus estimate of $122.385 million by 8.23 percent. This is a 2.26 percent increase over sales of $129.527 million the same period last year.

Earnings

Earnings Beats

WRLD

World Acceptance Q1 2026 GAAP EPS $0.25 Down From $1.79 YoY, Sales $132.452M Beat $122.385M Estimate

Alumis Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALMS#NASDAQ">ALMS</a>), a late-stage biopharma company developing next-generation targeted therapies for patients with immune-mediated diseases,&nbsp;today announced the completion of patient enrollment in its global LUMUS Phase 2b trial of ESK-001, a highly selective, next-generation oral tyrosine&nbsp;kinase 2 (TYK2) inhibitor, for the treatment of systemic lupus erythematosus (SLE), the most common form of lupus.
The global LUMUS Phase 2b trial is a randomized, double-blind, placebo-controlled study evaluating multiple doses of ESK-001 in adults with moderately-to-severely active, autoantibody-positive SLE. The trial enrolled 408 patients who are receiving ESK-001 or placebo for 48 weeks. The primary endpoint will be to assess improvements in overall disease activity using the British Isles Lupus Assessment Group-based Composite Lupus Assessment (BICLA) at Week 48. After the trial, eligible patients may participate in an open-label extension or complete a four-week safety follow-up.
About ESK-001&nbsp; ESK-001 is a highly selective, next-generation oral TYK2 inhibitor designed to correct immune dysregulation across a range of diseases, including SLE, the most common form of lupus. By selectively targeting key proinflammatory mediators, including type 1 interferon (IFN), it aims to deliver maximal inhibition while minimizing off-target effects.
Clinical data in Alumis' psoriasis program indicates that ESK-001 downregulates key cytokines and disease biomarkers relative to SLE, disrupting pro-inflammatory pathways which Alumis believes may have the potential to reduce SLE disease activity. In Phase 1 studies, it demonstrated full, sustained target inhibition and was well tolerated in healthy volunteers. These data, along with ESK-001's ability to achieve maximal TYK2 inhibition in patients with psoriasis, suggest it could become a potential oral treatment with biologic-like clinical response rates for SLE.
The global LUMUS Phase 2b trial (NCT05966480) is evaluating multiple doses of ESK-001 in adults with moderately-to-severely active, autoantibody-positive SLE. The randomized, double-blind, placebo-controlled study enrolled 408 patients, with topline data expected in the third quarter of 2026.
The efficacy and safety of ESK-001 in adult patients with moderate-to-severe plaque psoriasis is currently being evaluated in the Phase 3 ONWARD clinical program. Alumis continues to leverage its precision data analytics platform to explore ESK-001's potential applications in other immune-mediated conditions.

ALMS

Alumis Completes Patient Enrollment In Global LUMUS Phase 2b Trial Of ESK-001, Next-Gen Oral Tyrosine Kinase 2 Inhibitor, For Treatment Of SLE; Topline Readout Expected In Q3 2026

Rosenblatt analyst Mike Genovese maintains Ribbon Communications (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RBBN#NASDAQ">RBBN</a>) with a Buy and raises the price target from $5.5 to $6.

RBBN

Rosenblatt Maintains Buy on Ribbon Communications, Raises Price Target to $6

Tech That Will Change Your Life in 2025

Press Releases

QuantumScape Announces Timing of First Quarter 2025 Business Results and Webcast

QuantumScape Reports First Quarter 2025 Business and Financial Results

QuantumScape and Murata Announce Framework for Ceramics Collaboration

Global Energy Investments To Hit Record $3.3 Trillion This Year: Report

QuantumScape Achieves Major Milestone: Cobra Separator Process Enters Baseline Production

Beeline Holdings (NASDAQ: BLNE) Introduces Stablecoin-Driven Next-Gen Home Mortgage – More Stocks Inside

QuantumScape Announces Timing of Second Quarter 2025 Business Results and Webcast

QuantumScape Reports Second Quarter 2025 Business and Financial Results

QuantumScape and PowerCo Expand Collaboration to Accelerate Solid-State Battery Technology Commercialization

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Adient

Autoliv

American Axle & Manufacturing Holdings, Inc. Common Stock

American Axle & Mfg Hldgs

BorgWarner

Cooper-Standard Holdings Inc. Common Stock

Cooper-Standard Holdings

Dana

Dorman Products

ECARX Holdings Inc. - Class A Ordinary shares

ECARX Holdings

Fox Factory Holding

Gentex

Garrett Motion

Holley

Hesai Group - American Depositary Share, each ADS represents one Class B ordinary share

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