China ADRs fall as Biden-Xi meeting disappoints

HUYA

16/11/2023 12:46

(Updates)
    ** 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 is also hurting sentiment
        ** 
    Alibaba Group Holding
      BABA.N  falls 8.2% after it scraps cloud unit spinoff in
response to U.S. chip curbs, after it also reported Q2 revenue
in line with market expectations
    ** E-commerce firms JD.com  JD.O  and Pinduoduo  PDD.O  fall
5.4% and 3.1%, respectively    
    ** Bilibili  BILI.O  slides 5.1%, search engine giant Baidu
 BIDU.O  sheds 3.6%    
    ** NetEase  NTES.O  down 5.3% after Q3 results    
    ** EV firms Li Auto  LI.O , Nio  NIO.N  and Xpeng  XPEV.N 
ease between 3.7% and 4.8%    
    ** Online education firms Gaotu Techedu  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group  EDU.N  down 1.7%-2.9% 
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
Holding  TIGR.O  dip over 3% 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 between 3.5% and 4.4%, while Direxion China CSI
Daily Bull 2X  CWEB.N  drops 9.5%

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