China ADRs rise after Beijing vows more support to jumpstart economy

HUYA

25/07/2023 09:48

** U.S.-listed shares of Chinese companies rise premarket
after the country's top leaders pledged to roll out further
policy support to shore up a flagging post-COVID economic
recovery      
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  rise between 1.6% and 3.1% 
    ** Gaming stocks Bilibili Inc  BILI.O  gains 4.0% and peer
NetEase Inc  NTES.O  up 0.4%, while search engine giant Baidu
Inc  BIDU.O  adds 1.9% 
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  gain between 1.1% and 3.7% 
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  rise 3.3% and
3.2%, respectively, while Social media co Weibo Corp  WB.O  and
live streaming platform Huya Inc  HUYA.N  climb 0.9% and 5.0%,
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  gain over 2% each, while Direxion China CSI Daily Bull
2X  CWEB.K  advances 4.4% 
     

 (Reporting by Shreyashi Sanyal)
 ((Shreyashi.Sanyal@thomsonreuters.com;))