China ADRs slide tracking mainland shares, amid rising geopolitical tensions

HUYA

08/01/2024 10:55

** U.S.-listed shares of Chinese companies fall in premarket
trading tracking their domestic counterparts lower amid
weakening confidence in the mainland economy and rising
geopolitical tensions  .SS 
    ** China's blue-chip CSI300 index  .CSI300  lost over 1%,
recording its lowest closing level since February 2019, while
shares in Hong Kong dropped close to 2% 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
 JD.O  and PDD Holdings  PDD.O  fall between 1.5% and 3.3%
    ** Gaming stocks Bilibili  BILI.O  slides 2.4% and peer
NetEase  NTES.O  down 2.5%, while search engine giant Baidu
 BIDU.O  sheds 2.2%
    ** EV firms Li Auto  LI.O , Nio  NIO.N  and Xpeng  XPEV.N 
slip between 1.7% and 4.8%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI  IQ.O  fall 2.6% and
1.1%, respectively, while social media co Weibo Corp  WB.O 
loses 1.1% as well 
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  down 1.7% - 2.7%
    ** Online brokerage Futu Holdings  FUTU.O  dips 1.5% 
    ** China ETFs such as IShares MSCI China ETF  MCHI.O , China
Large-Cap ETF  FXI.N  and KraneShares CSI China Internet ETF
 KWEB.K  fall 1.9% - 2.2%, while Direxion China CSI Daily Bull
2X  CWEB.K  slides 4.2%

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))