China ADRs rise on fresh stimulus from country's central bank

HUYA

24/01/2024 12:39

** U.S.-listed shares of Chinese companies rise in premarket
trading, tracking gains in domestic shares following fresh
stimulus from Chinese central bank
    ** China's central bank will cut the amount of cash that
banks must hold as reserves from Feb. 5, as policymakers extend
efforts to shore up a fragile economic recovery
    ** The Shanghai Composite  .SSEC  closes up 1.8% after
hitting five-year low earlier this week, while Hong Kong's Hang
Seng  .HIS  jumps 3.6%  .SS 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and PDD Holdings  PDD.O  rise between 1.7% and 2.1%
    ** Gaming stocks Bilibili  BILI.O  surges 5.1% and peer
NetEase  NTES.O  up 3.8%, while search engine giant Baidu 
 BIDU.O  adds 2.6%
    ** EV firms Li Auto Inc  LI.O  and Nio Inc  NIO.N  gain 3.1%
and 4.2%, respectively
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI  IQ.O  rise 3.9% and
4.6%, respectively, while Social media co Weibo  WB.O  and live
streaming platform Huya  HUYA.N  climb 4.4% and 1.3%,
respectively
    ** Online education firms Gaotu Techedu  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group  EDU.N  up 6.3%-10.4%
    ** EDU shares also rise as co forecasts Q3 2024 revenue
above analysts' estimates, per LSEG data
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
Holding  TIGR.O  gain 5.1% and 5.8%, 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 3.1%-3.4%, while Direxion China CSI Daily Bull 2X
 CWEB.K  advances 6.8%

 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com
https://twitter.com/ShristiAchar;))