China ADRs slide as weak data rekindle concerns over economic recovery

HUYA

07/06/2023 10:40

** U.S.-listed shares of Chinese companies slide premarket
after weak China trade data worried investors about fragile
economic recovery in the world's second-largest economy
    ** May China exports shrank faster than expected in May,
while imports extended declines with a grim outlook for global
demand
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  fall between 0.9% and 2.6%
    ** Gaming stocks Bilibili Inc  BILI.O  slides 0.8% and peer
NetEase Inc  NTES.O  down 0.2%, while search engine giant Baidu
Inc  BIDU.O  sheds 1.2%
    ** EV firms Nio Inc  NIO.N  and Xpeng Inc  XPEV.N  slide
between 1.5% and 0.8% respectively 
    ** Online video platform IQIYI Inc  IQ.O  fall 0.8%, and
online education firms Gaotu Techedu Inc  GOTU.N  down 2.2%
    ** Online brokerage Futu Holdings Ltd  FUTU.O  dip 0.7% 
    ** China ETFs such as IShares MSCI China ETF  MCHI.O , China
Large-Cap ETF  FXI.N  and KraneShares CSI China Internet ETF
 KWEB.K  slip 0.5%-1.2%, while Direxion China CSI Daily Bull 2X
 CWEB.K  down 2.1%
    ** China's blue-chip CSI 300 index  .CSI300  closed lower
following the data  .SS 

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