China ADRs decline as bets of Trump's White House return rise

Tencent Music Entertainment

15/07/2024 15:52

** U.S.-listed shares of Chinese companies drop after an
assassination attempt on former U.S. President Donald Trump's
election rally on Saturday boosted odds of the Republican
candidate winning the upcoming presidential elections
    ** "Companies reliant on business in China as well as
Chinese stocks with U.S. listing are falling as fears of a trade
war grow," Rick Meckler, partner at Cherry Lane Investments says
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com 
 JD.O  and PDD Holdings  PDD.O  fall between 1.7% and 4.3%
    ** Gaming stocks Bilibili  BILI.O  slides 5.2%, while search
engine giant Baidu  BIDU.O  sheds 6%
    ** EV firms Li Auto  LI.O , Nio  NIO.N  and Xpeng  XPEV.N 
slip between 4.8% and 6.9%
    ** Online video platform IQIYI  IQ.O  falls 5.1%, while
Social media co Weibo  WB.O  and live streaming platform Huya
 HUYA.N  lose 3.8% and 2.9%, respectively
    ** Online education firms Gaotu Techedu  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group  EDU.N  down 3.1% to 5.4%
    ** IShares MSCI China ETF  MCHI.O  dips 1.8% 
    ** Separately, data showed China's economy slowed in the
second quarter as a protracted property downturn and job
insecurity weighed on domestic demand

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