China ADRs fall on Moody's outlook cut

HUYA

05/12/2023 15:12

(Updates)
    ** U.S.-listed shares of Chinese companies fall after
Moody's cuts China government credit outlook, citing lower
growth and property risks
    ** China is doing everything to stimulate economic growth,
but it hasn't worked; if they continue to struggle next year and
can't stimulate economic growth, it's going to be a problem for
the global economy - Art Hogan, chief market strategist, B Riley
Wealth
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  fall between 1% and 1.9%
    ** Gaming stocks Bilibili Inc  BILI.O  slides 1.6% and peer
NetEase Inc  NTES.O  down 1.5%, while search engine giant Baidu
Inc  BIDU.O  sheds 0.8%
    ** EV firms Li Auto Inc  LI.O , Xpeng Inc  XPEV.N  and Nio
Inc  NIO.N  all gain between 1% and 5.5%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  down 1.7% and
0.2%, respectively, while social media co Weibo Corp  WB.O  lose
2.1% and live streaming platform Huya Inc  HUYA.N  gain 5.5%, 
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  down between 1.5%-5%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  up 0.3% and
UP Fintech Holding Ltd  TIGR.O  down 0.7%
    ** China ETFs like iShares MSCI China ETF  MCHI.O , China
Large-Cap ETF  FXI.N  and KraneShares CSI China Internet ETF
 KWEB.K  fall between 1.2%-2%, while Direxion China CSI Daily
Bull 2X  CWEB.K  slides 2.2%

 (Reporting by Pranav Kashyap in Bengaluru)