China ADRs up as Beijing to lift COVID quarantine rule for travellers

KANZHUN

27/12/2022 15:38

(Updates)
    ** China-based firms' American depository receipts (ADRs)
gain premarket, after Beijing said it will scrap COVID-19
quarantine rules for inbound travellers from Jan. 8
    ** The world's second-largest economy will also downgrade
its management of COVID to the less-strict "Category B" from the
current top-level "Category A"
    ** E-commerce firms Alibaba Group Holding Ltd  BABA.N ,
Pinduoduo Inc  PDD.O , JD.com Inc  JD.O  and Vipshop Holdings
Ltd  VIPS.N  rise 4.1%-5.7%
    ** Search engine Baidu Inc  BIDU.O  soars 4.6%; social media
platform Weibo Corp  WB.O  soars 7.7%; online recruitment
services company Kanzhun Ltd  BZ.O  soars 5%
    ** Music-streaming firm Tencent Music Entertainment Group
 TME.N  up 6%; online entertainment firm iQIYI Inc  IQ.O  up
1.9%
    ** Gaming companies Bilibili Inc  BILI.O  and NetEase Inc
 NTES.O  up 8.8% and 3.3%, respectively
    ** E-brokerages Futu Holdings Ltd  FUTU.O  and UP Fintech
Holding Ltd  TIGR.O  up 4.4% and 2.6%, respectively
    ** iShares China Large Cap ETF  FXI.P , KraneShares CSI
China Internet ETF  KWEB.P , Direxion Daily CSI China Internet
Index Bull 2X ETF  CWEB.P  and iShares MSCI China ETF  MCHI.O 
climb 4.1%-10.6%
 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))