China ADRs rise as Chinese govt signals support for tech giants

HUYA

13/07/2023 12:19

** U.S.-listed shares of Chinese companies rise premarket,
extending gains from previous session on hopes of more policy
stimulus
    ** China on Wednesday signaled more support for its tech
industry as Premier Li Qiang met firms such as Alibaba's cloud
unit  9988.HK  and Meituan  3690.HK , and urged them to do more
to support the economy
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and PDD Holdings  PDD.O  rise between 1.4% and 2.8%
    ** Gaming stock Bilibili  BILI.O  surges 2.9% and peer
NetEase  NTES.O  up 1.6%, while search engine giant Baidu
 BIDU.O  adds 2.1%
    ** Music streaming company Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI  IQ.O  rise 1.5% and
3.1%, respectively, while social media company Weibo  WB.O  and
live streaming platform Huya  HUYA.N  climb 2.1% and 2.8%,
respectively
    ** Online education firms Gaotu Techedu  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group  EDU.N  up 0.2%-1.6%
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
Holding  TIGR.O  gain 2.2% 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 0.6%-1.7%, while Direxion China CSI Daily Bull 2X
 CWEB.K  advances 4%

 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))