China ADRs fall as investors weigh eased COVID rules

New Oriental Education & Technology

28/12/2022 16:07

** U.S.-listed shares of Chinese companies slip in early
trading as investors weigh reopening of country's economy
against surge in COVID-19 cases
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  fall between 2.7% and 5.8%
    ** Gaming stocks Bilibili Inc  BILI.O  slides 8% and peer
NetEase Inc  NTES.O  down 2%, while search engine giant Baidu
Inc  BIDU.O  sheds 5%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slip between 1.8% and 2.8%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  fall 6% and
9%, respectively, while social media co Weibo Corp  WB.O  and
live streaming platform Huya Inc  HUYA.N  lose 6% and 17%,
respectively
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  down 6-14%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  dip 6% and 4%, 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  shed 2.2-4.15%, while Direxion China CSI Daily Bull 2X
 CWEB.K  slumps 8.4%
    ** China said on Monday it would stop requiring inbound
travelers to go into quarantine starting from Jan. 8
 urn:newsml:reuters.com:*:nL1N33G0FF
 (Reporting by Johann M Cherian and Shashwat Chauhan in
Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))