China ADRs rise after domestic blue-chip stocks log best day in five months

HUYA

28/12/2023 10:23

** U.S.-listed shares of Chinese companies rise premarket
after domestic blue-chip stocks log best day in five months 
    ** Overseas investors bought a net 13.5 bln yuan ($1.90 bln)
of Chinese stocks, as policy expectations and the market's low
valuation offered attractive opportunities, driving the domestic
stocks up
    ** E-commerce firms Alibaba Group Holding  BABA.N  and
Pinduoduo Inc  PDD.O  rise over 1% each, while JD.com Inc  JD.O 
gains 3.7%
    ** Gaming stocks Bilibili Inc  BILI.O  surges 5% and peer
NetEase Inc  NTES.O  up 3.1%, while search engine giant Baidu
Inc  BIDU.O  adds 2.5%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  gain between 1% and 4%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  rise over 2%
each, while social media co Weibo Corp  WB.O  up 3.3%
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  up over 3% each 
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  gain 3% and 2.2%, respectively
    ** China ETFs such as China Large-Cap ETF  FXI.N  and
KraneShares CSI China Internet ETF  KWEB.K  gain 2.8% and 3.1%,
respectively, while Direxion China CSI Daily Bull 2X  CWEB.K 
advances 5.7%

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))