China ADRs fall ahead of week-long Chinese holiday

HUYA

25/09/2023 11:21

** U.S.-listed shares of Chinese companies fall premarket,
tracking declines in their Chinese peers as cautious foreign
investors offloaded domestic stocks ahead of China's week-long
National Day holiday
    ** Market tends to perform weakly before the holiday on
concerns of uncertainties during the period, Caitong Securities
writes in a note 
    ** Also weighing on the sentiment, Chinese property
developer Evergrande said it was unable to issue new debt due to
an ongoing investigation into its subsidiary
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
 JD.O  and PDD Holdings (Pinduoduo)  PDD.O  fall over 2% each
    ** Gaming stocks Bilibili  BILI.O  falls 2.8%, while search
engine giant Baidu  BIDU.O  loses 1% 
    ** EV firms Li Auto  LI.O  drops 5.9% and Nio  NIO.N  falls
3.2% 
    ** Music streaming company Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI  IQ.O  fall 1.9% and
0.6%, respectively 
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
 TIGR.O  slide 2.3% and 3.4%, respectively
    ** China ETFs such as IShares MSCI China ETF  MCHI.O  falls
1.9%


 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))