U.S.-listed China stocks drop as state-owned firms plan to delist from NYSE

New Oriental Education & Technology

12/08/2022 14:55

(Updates)
    ** U.S.-shares of China firms fall in early trading as
several Chinese state-owned companies plan to delist from the
U.S. stock market  urn:newsml:reuters.com:*:nL1N2ZO0IK
    ** China Life Insurance  LFC.N  and oil giant Sinopec
 SNP.N  fall 3.2% and 3.6%; Aluminium Corporation of China
 ACH.N  and PetroChina  PTR.N  slip 4.1% and 3.4%, respectively,
Sinopec Shanghai Petrochemical Co  SHI.N  shed 3.2%; the cos
said they would delist from NYSE
    ** The five firms plan to keep their listings in Hong Kong
and mainland Chinese markets
    ** Meanwhile, domestic stocks in China slipped on Friday as
COVID-19 cases across the country rose sharply  .SS 
    ** Other China ADRs tumble: ecommerce co Alibaba  BABA.N 
and JD.com  JD.O  and internet giant Baidu  BIDU.O  fall between
0.8% and 1.4%
    ** Social media co Weibo  WB.O  and music streaming co
Tencent Music  TME.N  fall 0.5% and 3.2%, respectively
    ** E-commerce platform Pinduoduo  PDD.O , mobile game
publisher Bilibili  BILI.O , gaming co NetEase Inc  NTES.O  and
live streaming platform Huya  HUYA.N  fall 0.9% and 1.5%
    ** Education companies TAL Education  TAL.N , New Oriental
Education & Technology Group  EDU.N  and Gaotu Techedu  GOTU.N 
shed between 1.1%-2.3%
    ** EV firms Nio Inc  NIO.N , Xpeng  XPEV.N  and Li Auto
 LI.O  fall about 2% each
    ** iShares MSCI China ETF  MCHI.O  slips 0.7%, set to extend
its 20% YTD losses 

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))