China ADRs fall as worries of slowing domestic economic recovery mount

Futu Holdings

23/05/2023 09:53

** U.S.-listed shares of Chinese companies fall in premarket
trade, mirroring declines in their Chinese counterparts as
worries remain about China's slowing economic recovery  .SS 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and PDD Holdings Inc  PDD.O  fall between 1.4% and
1.6%
    ** Gaming stock Bilibili Inc  BILI.O  down 1.8% and peer
NetEase Inc  NTES.O  slides 3.2%, while search engine giant
Baidu Inc  BIDU.O  sheds 1.2%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slip between 1.3% and 1.9%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  fall 1.8% and
1.6%, respectively, while social media co Weibo Corp  WB.O  dips
0.9% on thin volumes
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  down 1.1% and 0.4%, respectively
    ** China ETFs such as iShares MSCI China ETF  MCHI.O , China
Large-Cap ETF  FXI.N  and KraneShares CSI China Internet ETF
 KWEB.K  lose 1.4% - 1.6%, while Direxion China CSI Daily Bull
2X  CWEB.K  retreats 3.1%

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))