China large-cap ETF set for worst day in 16 months on regulatory risks

Hello

26/07/2021 11:55

** The iShares China Large-Cap ETF  FXI.P  drops 4.4%,
eyeing its steepest one-day percentage drop since March 2020
after Beijing's latest regulatory crackdown on sectors ranging
from internet to private tutoring
    ** Alibaba Holding  BABA.N  and Baidu  BIDU.O , the largest
U.S.-listed Chinese tech companies, fall 4.3% and 4.7%
    ** China's New York-listed education stocks tumbled on
sweeping new rules in private tutoring  urn:newsml:reuters.com:*:nL4N2P222S urn:newsml:reuters.com:*:nL1N2P202S
    ** Music platform Tencent Music  TME.N  shed 15.1% after
China's market regulator said it would bar the parent co,
Tencent Holdings Ltd  0700.HK , from exclusive music copyright
agreements  urn:newsml:reuters.com:*:nL4N2P220E
    ** Livestreaming firms Huya Inc  HUYA.N  and Douyu
International  DOYU.O  fall 4% and 7% respectively, while social
media platform Weibo Corp  WB.O  drops 6%
    ** Ride-sharing app Didi Global  DIDI.N , which was taken
down in China less than a week after its IPO this month, falls
13.2%
    ** Electric car makers NIO Inc  NIO.N  and Xpeng Inc
 XPEV.N  fall 5.1% and 5.6%, respectively
    ** Other stocks Bilibili  BILI.O , Pinduoduo  PDD.O , iQIYI
 IQ.O  and Momo Inc  MOMO.O  drop 5%-11%
    ** The S&P/BNY Mellon China Select ADR index  .BKTCN , which
tracks the ADRs of major U.S.-listed Chinese cos was last down
7.7%

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))