Alibaba's U.S. shares gain after Singles Day shopping fest, other China ADRs rise

DiDi Global

11/11/2021 17:31

** Shares of Alibaba  BABA.N  gained about 3% after racking
up $84.54 bln in Singles' Day orders over 11-day period vs $74
bln a year ago
    ** Shopping event has become closely watched gauge of
consumer sentiment in world's second-largest economy
 urn:newsml:reuters.com:*:nL1N2S205I
    ** Broadly, iShares China Large Cap ETF  FXI.P , KraneShares
CSI China Internet ETF  KWEB.K  and, iShares MSCI China ETF
 MCHI.O  firmed between 3% and 5%
    ** ADRs of Baidu  BIDU.O  gained 3.7%, JD.com  JD.O  7.7%
and Tencent Music  TME.N  surged 8.6%
    ** Didi Global  DIDI.N  is preparing to relaunch its
ride-hailing and other apps by end of the year, expecting
Beijing's investigation into its business to conclude by then
 urn:newsml:reuters.com:*:nL4N2S22P0
    ** Didi shares, however, traded flat after rising as much as
6.7% on report
    ** China's social media co Weibo  WB.O  jumped 7.5% after
co's Q3 results top estimates  urn:newsml:reuters.com:*:nL4N2S235M
    ** Among other NY-listed Chinese stocks: e-commerce platform
Pinduoduo  PDD.O , mobile game publisher Bilibili  BILI.O , and
gaming co NetEase Inc  NTES.O  rise 5% to 7%
    ** Education cos TAL Education  TAL.N , New Oriental
Education & Technology Group  EDU.N  and Gaotu Techedu  GOTU.N 
added 7% and 14%
    ** Meanwhile, U.S. President Joe Biden and Chinese leader Xi
Jinping were expected to hold a virtual summit on Monday,
sources told Reuters, amid tensions over trade, human rights and
military activities  urn:newsml:reuters.com:*:nL1N2S213D

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))