China ADRs fall as Sino-U.S. tensions weigh

New Oriental Education & Technology

10/02/2023 10:28

** U.S.-listed shares of Chinese companies fall in premarket
trading, tracking a drop in their domestic peers driven by
growing Sino-U.S. tensions and waning excitement over post-COVID
recovery
    ** The Joe Biden administration is poised to introduce new
restrictions on U.S. companies funding the development of
advanced computing technologies in China, NYT reports.
    ** E-commerce firms Alibaba Group Holding Ltd  BABA.N  and
Pinduoduo Inc  PDD.O  down 2.2% each
     ** JD.com Inc  JD.O  falls 3.4%; company's unit JD Cloud
will launch a product similar to ChatGPT called ChatJD that will
be targeted at other businesses, JD said on Friday
     ** Gaming stocks Bilibili Inc  BILI.O  and NetEase Inc
 NTES.O  down 2.5% each, while search engine giant Baidu Inc
 BIDU.O  eases 3.4%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slide between 1.3% and 3.7%
    ** Music streaming company Tencent Music Entertainment Group
 TME.N  and social media company Weibo Corp  WB.O  down 2.7% and
2.3%, respectively
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  slip between 0.3% and 1.1%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  fall 2.1% and 1.8%, respectively
    ** China ETFs such as KraneShares CSI China Internet ETF
 KWEB.N  and China Large-Cap ETF  FXI.N  decline more than 2%
each
 (Reporting by Bansari Mayur Kamdar in Bengaluru)
 ((BansariMayur.Kamdar@thomsonreuters.com;  Twitter:
@BansariKamdar))