China ADRs drop as COVID-19 cases, lockdown fears sap risk appetite

Hello

25/04/2022 10:30

** Shares of U.S.-listed Chinese firms fall on heightened
worries of a country-wide COVID-19 outbreak and fears of strict
restrictions being imposed in the capital city of Beijing  
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    ** E-commerce players JD.com  JD.O , Alibaba  BABA.N , and
Pinduoduo  PDD.O  down between 2.6% and 4.1%; internet giant
Baidu  BIDU.O  falls 4%
    ** Online brokerages UP Fintech  TIGR.O  and Futu Holdings
 FUTU.O  slip 4.1% and 6.1%, respectively
    ** NetEase  NTES.O , social media co Weibo  WB.O , live
streaming platform Huya  HUYA.N , Hello Group  MOMO.O , music
streaming co Tencent Music  TME.N , mobile game publisher
Bilibili  BILI.O , online video platform IQIYI  IQ.O  drop as
much as between 2% and 6.2%
    ** Huya also started laying off staff, three sources close
to the matter said, as more of the country's technology
companies scale back after a bruising regulatory crackdown 
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    ** Chinese EV firms Nio Inc  NIO.N , Xpeng  XPEV.N  and Li
Auto  LI.O  loses between 3.5% and 5%, while ride-hailing
service Didi Global  DIDI.N  dips 2.9%
    ** Online education firms Gaotu Techedu  GOTU.N , TAL
Education  TAL.N  and New Oriental Education  EDU.N  fall
2.6%-3.7%
    ** IShares China Large-Cap ETF  FXI.N , KraneShares CSI
China Internet ETF  KWEB.K  and IShares MSCI China ETF  MCHI.O 
decline over 3% each, while Direxion China CSI Daily Bull 2X
 CWEB.K  tumbles 7.5%
    ** European stocks wobbled, while U.S. stock index futures
were down nearly 1% each as investors weighed the prospects of
aggressive U.S. rate hikes and its hit to global economic
growth .EU  .N 

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