China ADRs up as PBOC holds rates, hopes of improving Sino-US relations

HUYA

22/05/2023 10:41

** U.S.-listed shares of Chinese companies rise after China
leaves its benchmark lending rate unchanged, amid hopes of
Sino-U.S. relations improving 
    ** China's central bank keeps its benchmark lending rates
unchanged for the ninth month in May as expected, with markets
expecting a rate cut next
    ** Also boosting sentiment, U.S. President Joe Biden said he
expects frosty relations with China to thaw soon
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  rise between 1.7% and 1.9%
    ** Gaming stock Bilibili Inc  BILI.O  surges 1.9% and peer
NetEase Inc  NTES.O  rises 2.4%; search engine giant Baidu Inc
 BIDU.O  adds 1.9%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  gain between 2.2% and 3.4%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  rise 1% and
2.4%, respectively; social media co Weibo Corp  WB.O  adds 1.2% 
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  up 1.2%-2.7%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  gain 0.8% and 1.3%, respectively
    ** China ETFs such as IShares MSCI China ETF  MCHI.O , China
Large-Cap ETF  FXI.N  and KraneShares CSI China Internet ETF
 KWEB.K  gain 1%-2.6%, while Direxion China CSI Daily Bull 2X
 CWEB.K  advances 4%
    ** Chinese listed stocks closed higher on Monday  .SS 
    
    

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