China ADRs rise after central bank's rate cut, stimulus hopes

HUYA

13/06/2023 10:04

** U.S.-listed shares of Chinese companies rise in premarket
trading after People's Bank of China lowered short-term policy
lending rate 
    ** Also, Bloomberg reports, citing unnamed sources, China is
considering at least a dozen stimulus measures to support areas
such as real estate and domestic demand 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  add between 1.9% and 2.5%
    ** Gaming stocks Bilibili Inc  BILI.O  surges 3.5% and
NetEase Inc  NTES.O  up 2.6%, while search engine giant Baidu
Inc  BIDU.O  adds 4.7%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  gain between 0.6% and 4.3%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  rise 1.4% and
2.8%, respectively, while social media co Weibo Corp  WB.O  up
2.7% and live streaming platform Huya Inc  HUYA.N  up 3.17%   
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  up 0.6%-2.0%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  gain 1.8% and 1.6%, 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 1.1%-2.4%, while Direxion China CSI Daily Bull 2X
 CWEB.K  advances 5.2%

 (Reported by Shubham Batra in Bengaluru)