China ADRs slide as property troubles mount, investors weigh latest measures

HUYA

18/08/2023 11:03

** U.S.-listed shares of Chinese companies fall amid
domestic real estate sector troubles and lack of concrete
stimulus policies to prop up its ailing economy
    ** China unveils measures to revive stock market; however
some investors continue to see them as incremental
    ** Also weighing on sentiment, China Evergrande Group
 3333.HK  has filed for bankruptcy protection in U.S. 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
 JD.O  and PDD  PDD.O  fall between 2.5% and 3.5%
    ** Gaming stocks Bilibili  BILI.O  slides 3.7% and peer
NetEase  NTES.O  down 1.9%, while search engine giant Baidu
 BIDU.O  sheds 1.7%
    ** EV firms Li Auto  LI.O , Nio  NIO.N  and Xpeng  XPEV.N 
slip between 3.2% and 3.8%
    ** Music streaming co Tencent Music Entertainment  TME.N 
and online video platform IQIYI  IQ.O  fall 2.4% and 2.9%,
respectively, while social media co Weibo  WB.O  and
livestreaming platform Huya  HUYA.N  lose 2% and 3.4%,
respectively
    ** Online education firms Gaotu Techedu  GOTU.N , TAL
Education  TAL.N  and New Oriental Education & Technology
 EDU.N  down 2.1% to 3.9%
    ** China ETFs like IShares MSCI China  MCHI.O , China
Large-Cap  FXI.N  and KraneShares CSI China Internet  KWEB.K 
fall between 1% and 1.5%, while Direxion China CSI Daily Bull 2X
 CWEB.K  down 5.6%

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