China ADRs climb on rising hopes for fresh stimulus

Tencent Music Entertainment

26/09/2024 11:04

** U.S.-listed shares of Chinese companies jump premarket on
hopes for additional stimulus measures from Beijing
    ** Chinese leaders pledged on Thursday to deploy "necessary
fiscal spending" to meet this year's economic growth target
    ** Shares gained on Tuesday after China's central bank
unveiled a bumper monetary stimulus but gave up some gains on
Wednesday on worries that the measures may fall short of helping
boost domestic demand
    ** E-commerce firms gain: Alibaba Group Holding  BABA.N  up
5.7%, JD.com  JD.O  7.7%, PDD Holdings  PDD.O  7.3%
    ** Gaming stock Bilibili  BILI.O  jumps 8,3%, search engine
giant Baidu  BIDU.O  rises 4.8%, 
    ** Online education firm Gaotu Techedu  GOTU.N  soars 11.6%,
online video platform iQIYI  IQ.O  advances 9%
    ** EV firms Nio  NIO.N , Li Auto  LI.O , Xpeng  XPEV.N  gain
between 5% and 7.7%
    ** Online brokerage Futu Holdings  FUTU.O  advances 8%,
Tencent Music Entertainment Group  TME.N  up 7.4%
    ** China's ETFs such as iShares MSCI China ETF  MCHI.O  up
5.7%, KraneShares CSI China ETF  KWEB.P  7.2% and iShares China
Large-Cap ETF  FXI.P  up 5.5%
    

 (Reporting by Nikhil Sharma in Bengaluru)
 ((Nikhil.Sharma@thomsonreuters.com;))