China ADRs rise on hopes of demand boost

Futu Holdings

27/06/2023 09:59

** U.S.-listed shares of Chinese companies rise premarket
after Chinese Premier Li Qiang said they will take steps to
boost demand, invigorate markets, promote development, while
accelerating the green transition and opening "high level" parts
of its economy to the outside world
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  rise between 1.7% and 3.0%
    ** Gaming stocks Bilibili Inc  BILI.O  adds 3.5% and peer
NetEase Inc  NTES.O  up 5.0%, while search engine giant Baidu
Inc  BIDU.O  gains 1.9%.
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  gain between 1.4% and 3.0%.
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  rise 1.9% and
3.1%, respectively
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  up 1.5%-3.4%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  gain 2.2% and 1.1%, 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  gain 1.8%-2.6%, while Direxion China CSI Daily Bull 2X
 CWEB.K  advances 5.3%

 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))