NetEase leads China ADRs slump as Beijing tightens gaming spend

HUYA

22/12/2023 11:58

** U.S.-listed shares of China firms drop in premarket
trading after the world's biggest games market announced rules
aimed at curbing spending and rewards that encourage video games
    ** Gaming stocks: NetEase  NTES.O  plunges 21.6%, Bilibili
Inc  BILI.O  falls 10.8% 
    ** Music streaming co Tencent Music Entertainment Group
 TME.N , a unit of Tencent Holdings  0700.HK , sheds 5.8%
    ** Live streaming platform Huya  HUYA.N  slides 10.7%
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and PDD Holdings Inc  PDD.O  fall between 2.5% and
32%
    ** Search engine giant Baidu  BIDU.O  drops 3.1%
    ** Online education firms Gaotu Techedu  GOTU.N  6.3%, while
peers TAL Education Group  TAL.N  and New Oriental Education &
Technology Group Inc  EDU.N  shed 11.6% and 7%, respectively
    ** Hong Kong shares slumped 1.7%, while gaming firms in U.S.
and Europe also drop after the announcement of new rules 
    ** China ETFs such as China Large-Cap ETF  FXI.N  drops
3.9%, KraneShares CSI China Internet ETF  KWEB.K  falls 5.9%
while iShares MSCI China ETF  MCHI.I  drops 4%

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))