Chinese ADRs fall on Beijing's increased oversight

DiDi Global

26/11/2021 13:02

** Chinese ADRs fall in premarket trading after China's
market regulator proposed new rules that would increase online
advertising oversight
    ** In the latest round of regulatory crackdowns, authorities
include stipulation that adverts should not affect normal
internet use or mislead users  urn:newsml:reuters.com:*:nL1N2SH0BL
    ** Baidu  BIDU.O , China's closest equivalent to Google, and
Tencent Music  TME.N  fall 1.3% and 3%, respectively
    ** Both BIDU and TME warned during recent quarterly results
that the short-term outlook for ad sales looked weak due to
pandemic and China's regulatory crackdown
    ** Ride-hailing firm Didi  DIDI.K  slumped 7.2% as
regulators also asked top executives to devise a plan to delist
from the NYSE due to concerns about data security  urn:newsml:reuters.com:*:nL4N2SH28J
    ** E-commerce giant Alibaba  BABA.K  and JD.com  JD.O  fall
3.5% and 3%, respectively, while online discount retailer
Vipshop  VIPS.N  is down 4.4% 
    ** Mobile game publisher  BILI.O  declines 6.5%    
    ** Online education cos New Orient Education  EDU.N  and TAL
Education  TAL.N  fall 3.1% and 4.1%, respectively
    ** U.S.-listed ETFs KraneShares CSI China Internet ETF
 KWEB.P  down 4.5% and the broader iShares MSCI China ETF
 MCHI.O  falls 2.4% 

 (Reporting by Bansari Mayur Kamdar)
 ((BansariMayur.Kamdar@thomsonreuters.com;))