China ADRs fall as July trade data disappoints

New Oriental Education & Technology

08/08/2023 10:24

** U.S.-listed shares of Chinese companies fall in premarket
trading after the country's July exports and imports fell much
faster than expected in July
    ** China's imports dropped 12.4% in July year-on-year,
customs data showed on Tuesday, missing a forecast fall of 5% in
a Reuters poll and off a 6.8% decline in June
    ** Exports contracted 14.5%, steeper than the expected 12.5%
decline and the previous month's 12.4% fall
    ** The pace of export decline was the fastest since the
onset of the pandemic in early 2020
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  fall between 1.5% and 2.4%
    ** Gaming stock Bilibili Inc  BILI.O  slides 2.5%, while
search engine giant Baidu Inc  BIDU.O  sheds 1.9%
    ** EV firms Nio Inc  NIO.N  and Xpeng Inc  XPEV.N  slip
between 2.6% and 3%
    ** Online video platform IQIYI Inc  IQ.O  drops 2.8%, while
Social media co Weibo Corp  WB.O  loses 1.3%
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  down 1.7%-3%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  dip 2.4% and 3.4%, 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 1.4%-1.6%, while Direxion China CSI Daily Bull 2X
 CWEB.K  slides 3.6%

 (Reporting by Khushi Singh in Bengaluru)
 ((Khushi.Singh@thomsonreuters.com))