China ADRs bounce up; China exports unexpectedly rise

New Oriental Education & Technology

13/04/2023 12:26

** U.S.-listed shares of Chinese companies bounce up before
the bell after falling sharply in the previous session 
    ** Data showed China exports surged 14.8% in March vs
expectations of a 7.0% fall, as per a Reuters poll
    ** E-commerce giant Alibaba Group Holding  BABA.N  added
1.1% after sliding post-market on Wednesday on SoftBank Group
Corp's  9984.T  reported move to sell stake 
    ** JD.com Inc  JD.O  and Pinduoduo Inc  PDD.O  rise 2.9% and
1.8%, respectively
    ** Gaming stocks Bilibili Inc  BILI.O  surges 4.9%, peer
NetEase Inc  NTES.O  up 1.6%, and search engine giant Baidu Inc
 BIDU.O  adds 0.2%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  gain between 1.5% and 2.7%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  rise 1.2% and
1.5%, respectively.
    ** Social media co Weibo Corp  WB.O  and live streaming
platform Huya Inc  HUYA.N  climb 2.8% and 0.6%, respectively
    ** Online education firms Gaotu Techedu Inc  GOTU.N  and New
Oriental Education & Technology Group Inc  EDU.N  up 3.6% and
1.8%, respectively
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  gain 1.5% and 0.5%, 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  gain 1.5%-2.5%, while Direxion China CSI Daily Bull 2X
 CWEB.K  advances 3.8%

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