China ADRs rise after China, U.S sign deal on audit dispute

KANZHUN

26/08/2022 13:51

** U.S.-listed shares of Chinese firms rise in premarket
trading after the U.S. audit regulator says it signed an
agreement with Chinese regulators, a first step toward
completely inspecting and investigating registered accounting
firms in China and Hong Kong  urn:newsml:reuters.com:*:nL1N3020TN
    ** The Public Company Accounting Oversight Board (PCAOB)
said it was the most detailed and prescriptive agreement the
PCAOB has ever reached with China 
    ** The deal will invite investors back to group towards
these stocks said Thomas Hayes, chairman at Great Hill Capital
    ** E-commerce firms Alibaba.com  BABA.N , JD.com  JD.O  and
Pinduoduo  PDD.O  jump between 3.7% and 7.1% in premarket
trading
    ** Gaming firm NetEase  NTES.O  up 3.2%, while peer Bilibili
 BILI.O  climbs 2.9%; social media platform Weibo Corp  WB.O  up
4.9%
    ** Internet co Baidu  BIDU.O  rises 3.2%, while EV maker Li
Auto Inc  LI.O  is up 2.2%
    ** Shares of logistics platform Full Truck Alliance Co
 YMM.N  and recruiting services provider Kanzhun Ltd  BZ.O  up
7.6% and 5.5%, respectively 
    ** ETFs such as China Large-Cap ETF  FXI.N , IShares MSCI
China ETF  MCHI.O  and KraneShares CSI China Internet ETF
 KWEB.K  climb between 1.8% and 4.7% premarket

 (Reporting by Chavi Mehta and Bansari Mayur Kamdar in
Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com;))