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

New Oriental Education & Technology

12/08/2022 13:00

** U.S.-shares of China firms fall in premarket 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 about 3% each; Aluminium Corporation of China
 ACH.N  and PetroChina  PTR.N  slip 2.3% and 4.8%, respectively,
though in lower vols; the cos said they would delist from NYSE
    ** The four 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
2.3% and 3.1%
    ** iShares MSCI China ETF  MCHI.O  slips 1.0%
    ** Social media co Weibo  WB.O  and music streaming co
Tencent Music  TME.N  fall 1.3% and 3.0%, 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% to 4.4%
    ** Education companies TAL Education  TAL.N , New Oriental
Education & Technology Group  EDU.N  and Gaotu Techedu  GOTU.N 
shed between 1.3% and 2.1%
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
 TIGR.O  down 2.8% and 1.9%, respectively
    ** EV firms Nio Inc  NIO.N , Xpeng  XPEV.N  and Li Auto
 LI.O  fall 2%-3%

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