China ADRs rise on hopes of more policy stimulus

HUYA

17/08/2023 11:54

** U.S.-listed shares of Chinese companies rise before the
bell on hopes of more stimulus measures from the Chinese
government that could allay investor fears of a slowing economy 
    ** China will strengthen the coordination of various
policies to boost growth and meet this year's economic target,
Chinese state media says citing a cabinet meeting
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
 JD.O  and PDD Holdings  PDD.O  rise between 1.6% and 2.9%
    ** Gaming stock  BILI.O  climbs 7%, also reporting a
smaller-than-expected Q2 loss
    ** Gaming peer NetEase  NTES.O  up 2%, while search engine
giant Baidu  BIDU.O  adds 1%
    ** EV firms Li Auto  LI.O , Nio Inc  NIO.N  and Xpeng Inc
 XPEV.N  gain between 3% and 6%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI  IQ.O  rise 2% and 3%,
respectively, while Social media co Weibo  WB.O  climbs 2.4% 
    ** Online education firms Gaotu Techedu  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group  EDU.N  up between 2.4% and 3.7%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  gain 2% and 3%, 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 1.8%-2.6%, while Direxion China CSI Daily Bull 2X
 CWEB.K  advances 5%

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