China ADRs rise on signs of improving US-China ties

HUYA

29/08/2023 13:44

** U.S.-listed shares of Chinese companies rise premarket on
signs of improving U.S.-China ties 
    ** The United States wants to work with China to solve
problems such as climate change and artificial intelligence,
U.S. Commerce Secretary Gina Raimondo told China's Premier Li
Qiang at a meeting in Beijing on Tuesday
    ** Raimondo is the latest Biden administration official to
visit China in a bid to strengthen communications, particularly
on economy and defense, amid concerns that friction between the
two superpowers could spiral out of control
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
 JD.O  and Pinduoduo  PDD.O  rise between 1.2% and 12.7%
    ** Gaming stock Bilibili  BILI.O  surges 3.7% and peer
NetEase  NTES.O  is up 3.9%, while search engine giant Baidu
 BIDU.O  adds 1.6%
    ** Online education firms Gaotu Techedu  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group  EDU.N  up 1.2%-4.2%
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
Holding  TIGR.O  gain 3.6% and 12.7%, respectively
    ** China ETFs like iShares MSCI China ETF  MCHI.O , China
Large-Cap ETF  FXI.N  and KraneShares CSI China Internet ETF
 KWEB.K  gain 1.6%-2.2%, while Direxion China CSI Daily Bull 2X
 CWEB.K  advances 4.6%

 (Reporting by Sruthi Shankar in Bengaluru)
 ((sruthi.shankar@thomsonreuters.com;))