China ADRs slide as services sector activity slows in Aug

TAL Education

05/09/2023 10:07

** U.S.-listed shares of Chinese companies fall premarket as
data shows China August services sector activity expanded at the
slowest pace in eight months
    ** S&P Global services purchasing managers' index (PMI)
drops to 51.8 in August from 54.1 in July 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and Pinduoduo Inc  PDD.O  fall between 1% and 1.6%
    ** Gaming stocks Bilibili Inc  BILI.O  slides 3.2% and peer
NetEase Inc  NTES.O  down 2.1%, while search engine giant Baidu
Inc  BIDU.O  sheds 1.7%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slip between 0.3% and 4.2%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  fall 2.7% and
0.8%, respectively, while social media co Weibo Corp  WB.O  lose
2.4%
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  down 0.5%-2.4%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  dip 2% and 2.1%, respectively
    ** China ETFs such as IShares MSCI China ETF  MCHI.O , China
Large-Cap ETF  FXI.N  and KraneShares CSI China Internet ETF
 KWEB.K  fall 0.7%-2.6%, while Direxion China CSI Daily Bull 2X
 CWEB.K  slides 4.5%

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))