China ADRs advance as U.S. debt ceiling bill passes Congress

HUYA

02/06/2023 11:25

** U.S.-listed shares of Chinese companies rise premarket as
Chinese shares climb after the U.S. Congress passed a bill to
lift the government's debt ceiling, averting a historic default,
and increasing hope the Federal Reserve might pause raising
interest rates  .SS 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and PDD Holdings Inc  PDD.O  rise between 2.6% and
3.9%
    ** Gaming stocks Bilibili Inc  BILI.O  adds 1.1% and peer
NetEase Inc  NTES.O  up 0.4%, while search engine giant Baidu
Inc  BIDU.O  gains 2.0%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  rise between 3.4% and 5.5%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  advance 2.3%
and 3.8%, respectively, while Social media co Weibo Corp  WB.O 
and live streaming platform Huya Inc  HUYA.N  climb 1.1% and
5.6%, respectively
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  up 3.6% - 5.5%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  gain 3.8% and 3.5%, 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 2.5% - 3.1%, while Direxion China CSI Daily Bull
2X  CWEB.K  advances 6.7%

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