China ADRs rise on upbeat domestic data, Baidu jumps after Blackrock reveals 6.6% stake

New Oriental Education & Technology

01/02/2023 12:21

** U.S.-listed shares of Chinese companies track their
domestic peers higher after a survey showed China's Jan factory
activity contracted at slower pace, as Beijing lifted tough
COVID curbs, helping ease pressure on manufacturers  .SS 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  rise between 1.4% and 2.4%
premarket
    ** Gaming stocks Bilibili Inc  BILI.O  adds 3.1% and peer
NetEase Inc  NTES.O  up 2.6%
    ** Search engine giant Baidu Inc  BIDU.O  surges 7.6% after
Blackrock reports 6.6% passive stake of co's Class A common
stock
    ** EV firms gain after Jan 2023 vehicle updates: Li Auto Inc
 LI.O  up 6.5%, Nio Inc  NIO.N  adds 1.8% and Xpeng Inc  XPEV.N 
rises 3.8% 
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  up 1.4%-3.5%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  gain over 2% each
    ** 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 1.2%-2.5%
 (Reporting by Bansari Mayur Kamdar in Bengaluru)
 ((BansariMayur.Kamdar@thomsonreuters.com;  Twitter:
@BansariKamdar;))