China ADRs fall tracking declining domestic peers

HUYA

22/01/2024 10:16

** U.S.-listed shares of Chinese companies decline in
premarket trade, tracking a slide in their domestic peers
    ** Hong Kong shares  .HSI  slumped 2% to a 14-month low,
while Chinese domestic blue-chips  .CSI300  hovered near a 5-yr
low as foreign outflows continued over concerns about the
region's deepening economic woes  .SS 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and PDD Holdings  PDD.O  fall between 2.6% and 4.4%
    ** Gaming stocks Bilibili  BILI.O  slides 5.6% and peer
NetEase  NTES.O  down 3.8%, while search engine giant Baidu
 BIDU.O  sheds 4.4%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slip between 3.5% and 7.5%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI  IQ.O  fall 3.6% and
3.3%, respectively, while Social media co Weibo  WB.O  and live
streaming platform Huya  HUYA.N  lose 3.3% and 8.5%,
respectively
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  down 3.0% - 5.5%
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
Holding  TIGR.O  dip 3.0% and 2.2%, 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 3.3% - 3.9%, while Direxion China CSI Daily Bull
2X  CWEB.K  slides 8.1%

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))