China ADRs fall as Biden-Xi meeting disappoints

HUYA

16/11/2023 10:41

** U.S.-listed shares of Chinese companies fall premarket
    ** U.S. President Joe Biden said he had not changed his view
that Chinese President Xi Jinping was effectively a dictator, a
comment likely to land with a thud in Beijing, following a
meeting between the leaders of the world's two largest economies
    ** Data showing prolonged weakness in China's property
sector also hurting sentiment
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  fall between 1.7% and 2.4% 
  
    ** Bilibili Inc  BILI.O  slides 2.8%, search engine giant
Baidu Inc  BIDU.O  sheds 0.8%    
    ** NetEase Inc  NTES.O  down 3.5% after Q3 results    
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  ease between 2.9% and 4.3%    
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  fall nearly
2.5% each
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  down 0.4%-2.6% 
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  dip 1.7% each 
    ** 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 over 2% each, while Direxion China CSI Daily Bull
2X  CWEB.N  slides 5.8%

 (Reporting by Bansari Mayur Kamdar in Bengaluru)
 ((BansariMayur.Kamdar@thomsonreuters.com;  Follow on X:
@BansariKamdar;))