China ADRs down on investor concerns over real estate market

HUYA

29/11/2023 15:07

** U.S.-listed shares of Chinese companies fall in early
trade, after Hong Kong stocks slumped to a one-month low on
Wednesday
    ** "The state of the real estate market in China is pretty
bad, mainly because of over-building and over-speculation,
Investors are wary of how this crisis is going to turn out" -
Steve Sosnick, Chief Strategist at Interactive brokers 
    ** Also notes e-commerce firm Meituan  3690.HK , a heavy
weight on Hang Seng Index, fell 12%, driving the index down,
causing a spill-over effect in Chinese ADRs     
    ** E-commerce firm Alibaba Group Holdings  BABA.K  down 2.1%
and JD.com  JD.O  down 2.5% 
    ** Gaming stock Bilibili Inc  BILI.O  slides 7.7%, search
engine giant Baidu Inc  BIDU.O  sheds 0.4% 
    ** EV firm Li Auto Inc  LI.O  down 2.6% and Xpeng Inc
 XPEV.N  down 1.2%  
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  slips 0.6% and online video platform IQIYI Inc  IQ.O 
falls 1.5%; social media co Weibo Corp  WB.O  down 0.6% 
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  down 1.9% and 1.2%, respectively  
    ** China ETFs such as iShares MSCI China ETF  MCHI.O , China
Large-Cap ETF  FXI.N  and KraneShares CSI China Internet ETF
 KWEB.N  fall between 0.9% and 1.9% 
    ** Hong Kong's Hang Seng Index  .HIS  fell 2.1% and Hang
Seng China Enterprises Index  .HSCE  lost 2.3%

 (Reporting by Pranav Kashyap in Bengaluru)