China ADRs tumble after weak economic data hammers local shares

HUYA

17/01/2024 10:22

** U.S.-listed shares of Chinese companies fall sharply in
premarket trading, mirroring losses in the domestic market,
following downbeat economic data from China
    ** Data showed China's economy grew 5.2% in 2023, slightly
more than the official target, but the recovery was far shakier
than many analysts had expected 
    ** Another set showed China's troubled property market ended
last year with the worst declines in new home prices in nearly
nine years, showing sustained downturn in the sector that
accounts for around a quarter of China's economy  
    ** China's blue-chip CSI 300 index  .CSI300  closed at near
five-year lows, while Hong Kong's Hang Seng index  .HSI  tumbled
to 14-month lows  .SS 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  fall between 3.3% and 4.5%
    ** Gaming stocks Bilibili Inc  BILI.O  slides 4.4% and peer
NetEase Inc  NTES.O  down 3.9%, while search engine giant Baidu
Inc  BIDU.O  sheds 4.8%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slip between 4.3% and 7.2%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  fall 3.4% and
3.8%, respectively, while live streaming platform Huya Inc
 HUYA.N  loses 7.1%
    ** 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 2.9% and 3.5%, while Direxion China CSI Daily Bull
2X  CWEB.K  slides 7.5%

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