China ADRs rise on recovery hopes, moves to support private economy

HUYA

22/09/2023 10:14

** U.S.-listed shares of Chinese companies rise premarket
tracking China markets on hopes of economic recovery  .SS 
        ** 
    Report
     of China considering relaxing foreign ownership rules in
domestic publicly traded firms also aiding sentiment 
  
    ** Further, China's market regulator issues measures to
promote development of the private economy - state media
    ** Gaming stocks Bilibili  BILI.O  surges 6.1% and peer
NetEase  NTES.O  up 6.9%, while Baidu  BIDU.O  adds 3.8%
    ** E-commerce firms JD.com  JD.O  and Pinduoduo  PDD.O  rise
3.5% and 3.8%, respectively
    ** Alibaba Group Holding  BABA.N  up 4.2% also amid report
co's logistics arm plans $1 bln IPO in Hong Kong
    ** EV firms Li Auto  LI.O , Nio  NIO.N  and Xpeng  XPEV.N 
accelerate between 3.8% and 6.7%
    ** Tencent Music Entertainment Group  TME.N  and online
video platform IQIYI  IQ.O  rise 4.3% and 5.4%, respectively
    ** Weibo Corp  WB.O  and live streaming platform Huya
 HUYA.N  climb 3.9% and 4.5%, 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 3.4%-4.3%, while Direxion China CSI Daily Bull 2X
 CWEB.K  advances 8.7%

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