China ADRs gain on hopes of more policy support

HUYA

03/07/2023 10:01

** U.S.-listed shares of Chinese companies rise premarket,
tracking rise in Chinese stocks, in anticipation of more
economic stimulus
    ** The People's Bank of China (PBOC) on Friday said it will
make better use of aggregate and structural policy tools to
stabilise growth, employment, effectively support domestic
demand
    ** E-commerce firms Alibaba  BABA.N , JD.com  JD.O  and
Pinduoduo  PDD.O  rise between 2.3% and 3.2%
    ** Gaming stocks Bilibili  BILI.O  surges 3.6% and peer
NetEase  NTES.O  up 2.9%, while Baidu  BIDU.O  adds 3.4%
    ** Tencent Music Entertainment Group  TME.N  and online
video platform IQIYI  IQ.O  rise 2.4% and 2.6% respectively
    ** Online education firms Gaotu Techedu  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group  EDU.N  up 1.5%-4.1%
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
Holding  TIGR.O  gain 1.7% and 2.4% respectively
    ** China ETFs such as China Large-Cap ETF  FXI.N  and
KraneShares CSI China Internet ETF  KWEB.K  gain 2.2% and 2.4%
respectively, while Direxion China CSI Daily Bull 2X  CWEB.K 
advances nearly 6%

 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))