Chinese ADRs slide as Country Garden seeks to defer debt payment

HUYA

14/08/2023 14:55

** U.S.-listed shares of Chinese companies slide after
China's largest private developer Country Garden  2007.HK  seeks
to delay payment on a private onshore bond for the first time
    ** Also hurting sentiment is data that shows credit growth
in the world's second-largest economy weakened in July  .SS 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  fall between 0.3% and 1.6%
    ** Gaming stocks NetEase Inc  NTES.O  down 0.6%, while
search engine giant Baidu Inc  BIDU.O  sheds 1.3%
    ** Social media co Weibo Corp  WB.O  and live streaming
platform Huya Inc  HUYA.N  lose 1.4% and 0.4%, respectively
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slip between 1.2% and 4%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  fall 0.6% and
0.8%, respectively
    ** Online education firms Gaotu Techedu Inc  GOTU.N  falls
0.6% and New Oriental Education & Technology Group Inc  EDU.N 
down 1.5%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  dip 1.5% and 0.6%, 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  slip 0.7%, while Direxion China CSI Daily Bull 2X
 CWEB.K  falls 1.7%

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