China ADRs climb on report audit dispute resolution near, stimulus hopes

Hello

01/04/2022 12:22

** U.S.-listed shares of Chinese companies jump premarket
after a media report Beijing is considering to give U.S. full
access to audits of most firms, while a weak factory data also
fanned hopes of more economic stimulus  urn:newsml:reuters.com:*:nL2N2VZ04K
     ** E-commerce players JD.com  JD.O , Alibaba  BABA.N , and
Pinduoduo  PDD.O  up between 5.9% and 11.8%; internet giant
Baidu  BIDU.O  adds 8.4% 
    ** Bloomberg news reported https://bloom.bg/3wRNlGB Chinese
authorities are preparing to provide full access to auditing
reports of the majority of the 200-plus companies listed in New
York as soon as mid-this year
    ** Social media co Weibo  WB.O , live streaming platform
Huya  HUYA.N , NetEase  NTES.O , Hello Group  MOMO.O , music
streaming co Tencent Music  TME.N , mobile game publisher
Bilibili  BILI.O , online video platform IQIYI  IQ.O  climb 6.9%
to 12%
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
 TIGR.O  gain 12% and 14%, respectively 
    ** Chinese EV firms Nio Inc  NIO.N , Xpeng  XPEV.N  and Li
Auto  LI.O  jump between 6.3% and 8.2%, while ride-hailing
service Didi Global  DIDI.N  surges 18%
    ** Online education firms New Oriental Education  EDU.N ,
TAL Education  TAL.N  and Gaotu Techedu  GOTU.N  add 6%-8.7% 
     ** IShares MSCI China ETF  MCHI.O  and IShares China
Large-Cap ETF  FXI.N  up 4.6% each; Invesco China Technology ETF
 CQQQ.K  and KraneShares CSI China Internet ETF  KWEB.K  advance
6.3% and 9%, respectively, while Direxion China CSI Daily Bull
2X  CWEB.K  rockets 17%
    ** Washington wants complete access to the books of
U.S-listed Chinese companies, but Beijing bars foreign
inspection of working papers from local accounting firms - an
auditing dispute that puts hundreds of billions of dollars of
U.S. investments at stake.  urn:newsml:reuters.com:*:nL1N2T20M8

    

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))