Chinese ADRs drop as U.S. picks Alibaba, others for audit inspections

17 Education and Technology

30/08/2022 15:25

(Updates)
    ** U.S.-listed shares of Chinese companies reverse premarket
gains and are now down; they were previously up after a string
of positive qtrly results
    ** U.S. regulators have selected e-commerce giant Alibaba
 BABA.N  and other U.S.-listed Chinese companies for audit
inspections, three sources familiar with the matter told Reuters
 urn:newsml:reuters.com:*:nL1N306129
    ** BABA down 2.1%; other e-commerce firms Pinduoduo  PDD.O 
and JD.com  JD.O  down ~1% each
    ** Search engine giant Baidu  BIDU.O  down 6.5%; co was
previously up after beating qtrly estimates  urn:newsml:reuters.com:*:nL4N3063K7
    ** KraneShares CSI China Internet ETF  KWEB.P  down 2.3%
    ** E-brokerages Futu Holdings  FUTU.O  and UP Fintech
 TIGR.O  down 3.8% and 2.3%; FUTU was previously up on higher
revenue and profit  urn:newsml:reuters.com:*:nL4N3062H9
    ** Online entertainment firm iQIYI  IQ.O  down 7%;
previously up after narrower-than-expected Q2 loss  urn:newsml:reuters.com:*:nL4N306235
    ** Gaming cos NetEase  NTES.O  and Bilibili  BILI.O  down
0.6%-3.6%
    ** EV makers Xpeng  XPEV.N , Li Auto  LI.O  and NIO  NIO.N 
down 0.6%-1.3%

 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))