China ADRs rise after PBOC cuts medium-term loan rates

HUYA

15/06/2023 10:57

** U.S.-listed shares of Chinese companies rise premarket
after China's central bank cut medium-term loans rates for the
first time in 10 months, ramping up stimulus measures to shore
up a shaky economic recovery
    ** Earlier this week the People's Bank of China (PBOC)
lowered two key short-term policy rates
    ** Data showing China's economy stumbled in May boosted
expectations that more stimulus is on the way
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  rise between 1.3% and 3.2%
    ** Gaming stocks Bilibili Inc  BILI.O  surges 3.4% and peer
NetEase Inc  NTES.O  up 0.4%, while search engine giant Baidu
Inc  BIDU.O  adds 1.13%
    ** EV firms Li Auto Inc  LI.O  and Xpeng Inc  XPEV.N  gains
0.8% and 1.8%, respectively
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  rise 0.7% and
3%, respectively; Social media co Weibo Corp  WB.O  and live
streaming platform Huya Inc  HUYA.N  climb 2.6% and 1.4%,
respectively
    ** 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%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  gain 1.7% each 
    ** 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 0.6%-1.5%, Direxion China CSI Daily Bull 2X
 CWEB.K  advances 2.5%

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