Chinese ADRs fall after less-than-expected cut in China's key lending rate

HUYA

20/06/2023 11:23

** U.S.-listed shares of Chinese companies fall in premarket
trading after China cut benchmark lending rates, but by less
than expected    
    ** Chinese stock indexes closed lower, with the blue-chip
index  .CSI300  down 0.2%, while Hong Kong's Hang Seng  .HSI 
lost 1.5%  .SS    
    ** E-commerce firms JD.com Inc  JD.O  and PDD Holdings Inc
 PDD.O  fall 4.2% each
    ** Alibaba Group Holding  BABA.N  dips 2.4% after co said
its chairman and CEO Daniel Zhang will step down
    ** Gaming stocks also down; Bilibili Inc  BILI.O  slides 4%
and peer NetEase Inc  NTES.O  down 0.8% 
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slip between 2% and 6%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  fall 3.5% and
1.1%, respectively, while Social media co Weibo Corp  WB.O  and
livestreaming platform Huya Inc  HUYA.N  lose 3.5% and 2%,
respectively
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  down 1.8% to 3.3%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  dip 3% 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  fall 2.4% to 3%, while Direxion China CSI Daily Bull 2X
 CWEB.K  loses 6%
    ** Bucking the trend, search engine giant Baidu Inc  BIDU.O 
edged 0.4% higher

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