China ADRs fall on Moody's outlook cut

HUYA

05/12/2023 12:24

** U.S.-listed shares of Chinese companies fall after
Moody's cuts China credit outlook, citing lower growth and
property risks
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  fall between 1.2% and 2.2%
    ** Gaming stocks Bilibili Inc  BILI.O  slides 2.34% and peer
NetEase Inc  NTES.O  down 2.4%, while search engine giant Baidu
Inc  BIDU.O  sheds 2%
    ** EV firms Li Auto Inc  LI.O , Xpeng Inc  XPEV.N  gain
between 0.2% and 0.6%, and Nio Inc  NIO.N  gains 3.4%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  down 1.8% and
1.12%, respectively, while social media co Weibo Corp  WB.O  and
live streaming platform Huya Inc  HUYA.N  lose 1.25% and 0.6%,
respectively
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  down 3.1%-3.3%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  dip 2.7% and 1.9%, respectively
    ** China ETFs like iShares MSCI China ETF  MCHI.O , China
Large-Cap ETF  FXI.N  and KraneShares CSI China Internet ETF
 KWEB.K  fall 1.7%-1.9%, while Direxion China CSI Daily Bull 2X
 CWEB.K  slides 4%

 (Reporting by Pranav Kashyap in Bengaluru)