China ADRs fall as factory activity contracts for fifth-straight month

HUYA

31/08/2023 11:39

** U.S.-listed shares of Chinese companies fall premarket
after data showed China's manufacturing activity contracted for
a fifth straight month in August
    ** Adding to woes, China's largest private property
developer Country Garden  2007.HK  posted a record half-year
loss on Wednesday
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  fall between 1.4% and 2.8%
    ** Gaming stocks Bilibili Inc  BILI.O  slides 3.5% and peer
NetEase Inc  NTES.O  down 0.5%, while search engine giant Baidu
Inc  BIDU.O  sheds 1.9%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slip between 2.5% and 1.2%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  fall 2% and
2.4%, respectively, while Social media co Weibo Corp  WB.O  and
live streaming platform Huya Inc  HUYA.N  lose 1.6% and 2.6%,
respectively
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  down 0.8%-1.4%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  dip 2.5% and 3.2%, respectively
    ** China ETFs such as IShares MSCI China ETF  MCHI.O , China
Large-Cap ETF  FXI.N  and KraneShares CSI China Internet ETF
 KWEB.K  fall 1.6%-2.1%, while Direxion China CSI Daily Bull 2X
 CWEB.K  slides 4.2%

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))