China ADRs advance on rising stimulus hopes

HUYA

16/06/2023 11:47

** U.S.-listed shares of Chinese companies rise in premarket
trading on hopes of more stimulus to the Chinese economy after
the People's Bank of China (PBOC) cut a few key policy rates
this week
    ** China's blue-chip index  .CSI300  and Hong Kong's Hang
Seng Index  .HIS  closed 1% higher each  .SS 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and PDD Holdings Inc  PDD.O  rise between 1.4% and
2.3%
    ** Gaming stocks Bilibili Inc  BILI.O  and NetEase Inc
 NTES.O  add 1.2% and 1.7%, respectively    
    ** EV firm Nio Inc  NIO.N  jumps 3.6% after launching its
first smart electric touring vehicle; rivals Li Auto Inc  LI.O 
and Xpeng Inc  XPEV.N  gain 0.7% and 1.8%, respectively
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  rise 0.8% and
0.4%, respectively, while social media co Weibo Corp  WB.O  and
live streaming platform Huya Inc  HUYA.N  climb 0.8% and 3.4%,
respectively
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  up 1.2% - 3.8%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  advance 1.4% and 0.9%, 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 0.7% - 1.1%, while Direxion China CSI Daily Bull
2X  CWEB.K  advances 2.5%

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