China ADRs fall as weak August trade data fail to lift sentiment

New Oriental Education & Technology

07/09/2023 10:26

** U.S.-listed shares of Chinese companies fall as China
reports monthly decline in imports and exports, although less
steep than expected
    ** Exports drop 8.8% in August year-on-year, beating a
forecast of 9.2% in a Reuters poll and off a 14.5% drop in July
    ** Imports contract 7.3%, slower than an expected 9% decline
and last month's 12.4% fall 
    ** U.S. lawmaker calls for ending Huawei, SMIC exports
following discovery of new chips in Huawei phones that may
violate trade restrictions
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  fall between 1.9% and 2.5%
    ** Gaming stocks Bilibili Inc  BILI.O  slides 2.4%, while
search engine giant Baidu Inc  BIDU.O  sheds 2.3%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slip between 1.8% and 2.1%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  fall 1.9% and
1.8%, respectively
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  dip 0.8% and 1.5%, respectively
    ** China ETFs like IShares MSCI China ETF  MCHI.O , China
Large-Cap ETF  FXI.N  and KraneShares CSI China Internet ETF
 KWEB.K  fall 1.3%-1.8%, while Direxion China CSI Daily Bull 2X
 CWEB.K  slides 4.1%

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