China ADRs rise after China unveils new support policies

HUYA

28/08/2023 09:50

** U.S.-listed shares of Chinese companies rise premarket
after China rolls out policies to aid its ailing economy,
property sector
    ** China halves stamp duty on stock trading
    ** Relaxes guidance on residential housing loan rules
    ** E-commerce firms Alibaba  BABA.N , JD.com  JD.O  and PDD
Holdings  PDD.O  rise between 1% and 1.7%
    ** Gaming stock Bilibili  BILI.O  adds 0.5%, peer NetEase
Inc  NTES.O  climbs 1.4%
    ** Search engine giant Baidu Inc  BIDU.O  adds 1%
    ** EV firms Li Auto Inc  LI.O  and Nio Inc  NIO.N 
accelerate 1.2% and 2.4% 
    ** Xpeng's  XPEV.N  gains 5%, co acquires Didi's smart EV
unit in deal worth up to $744 mln 
    ** Music streamer Tencent Music Entertainment Group  TME.N 
and online video platform IQIYI Inc  IQ.O  rise 0.7% and 2.3%,
respectively 
    ** Social media co Weibo Corp  WB.O  climbs 1.6% 
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  up 0.5%-2.6%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  gain 1.6% and 3.2%
    ** China ETFs IShares MSCI China ETF  MCHI.O , China
Large-Cap ETF  FXI.N  and KraneShares CSI China Internet ETF
 KWEB.K  gain 1.1%-1.6%, while Direxion China CSI Daily Bull 2X
 CWEB.K  advances 2.4%

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))