China ADRs fall on disappointment in stimulus measures

HUYA

11/08/2023 11:17

** U.S.-listed shares of Chinese companies fall as latest
stimulus measures have been slower than anticipated
    ** Cautious policy support disappoints investors, amid fresh
data showing post-pandemic recovery is continuing to lose steam
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  fall between 2.3% and 4.1%
    ** Gaming stock Bilibili Inc  BILI.O  slides 3.1% and peer
NetEase Inc  NTES.O  down 3.6%, while search engine giant Baidu
Inc  BIDU.O  sheds 2.9%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slip between 3% and 3.7%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  fall 3.7% and
2.3%, respectively, while social media co Weibo Corp  WB.O  and
live streaming platform Huya Inc  HUYA.N  lose 3.3% and 2%,
respectively
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  down 2.4%-2.8%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  dip 3.8% and 4.9%, 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  lose 2.4%-2.9%, while Direxion China CSI Daily Bull 2X
 CWEB.K  drops 5.4%

 (Khushi Singh)
 ((Khushi.Singh@thomsonreuters.com))