China ADRs down as local shares post biggest fall in 6 months

Tencent Music Entertainment

23/07/2024 10:49

** U.S.-listed shares of Chinese companies fall premarket 
    ** Chinese stocks recorded their biggest single-day drop in
six months, demonstrating the fragility of investor sentiment
despite ongoing stimulus efforts  .SS 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and PDD Holdings  PDD.O  fall between 0.9% and 1.8%
    ** Gaming firm Bilibili Inc  BILI.O  slides 2.4% and peer
NetEase Inc  NTES.O  down 2.3%, while search engine giant Baidu
Inc  BIDU.O  sheds 1.8%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slip between 1.9% and 2.7%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  fall 1.9% and
2.3%, respectively, while social media co Weibo Corp  WB.O  lose
0.1% 
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  down 0.3%-2.6%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  dip 1% and 1.3%, 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 1.2%-1.85%, while Direxion China CSI Daily Bull 2X
 CWEB.K  slides 3.6%

 (Reporting by Roshan Abraham)
 ((Roshan.abraham@thomsonreuters.com))