China ADRs climb amid signs of fresh stimulus talks

Tencent Music Entertainment

06/02/2024 09:24

** U.S.-listed shares of Chinese companies jump in premarket
trading on a slew of signs Chinese authorities are strengthening
their resolve to support slumping markets
    ** Chinese blue-chips  .CSI300  closed 3.5% higher, while
shares in Hong Kong  .HSI  jumped 4%  .SS 
    ** Bloomberg News reports President Xi Jinping is set to
discuss China's stock market with financial regulators 
    ** Separately, China's securities regulator unveils more
curbs on short-selling and state fund Central Huijin says its
expanding scope of investment in ETFs
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and PDD Holdings  PDD.O  advance between 4.3% and
5.7%
    ** Among gaming stocks, Bilibili  BILI.O  surges 6.8% and
NetEase  NTES.O  up 5.3%; search engine giant Baidu  BIDU.O 
adds 4.0%
    ** EV firms Li Auto  LI.O , Nio  NIO.N  and Xpeng  XPEV.N 
gain between 5.6% and 8.1%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI  IQ.O  rise 3.9% and
5.0%, respectively, while Social media co Weibo  WB.O  and live
streaming platform Huya  HUYA.N  climb 3.5% and 3.7%,
respectively
    ** Online education firms Gaotu Techedu  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group  EDU.N  up between 5% - 7.1%
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
Holding  TIGR.O  gain 5.9% and 2%, 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  gain 3.6% - 4.7%

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))