China ADRs drop on ongoing property sector concerns

Tencent Music Entertainment

28/02/2024 11:33

** U.S.-listed shares of Chinese companies fall, tracking a
drop in mainland China  .CSI300  and Hong Kong  .HSI  stocks on
property worries
    ** Poster-child of economy's property sector woes, Country
Garden  2007.HK  says liquidation petition has been filed
against it for non-payment of a $205 million loan
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and PDD Holdings  PDD.O  fall between 1% and 3.4%
premarket
    ** Gaming stocks Bilibili Inc  BILI.O  slides 4.2% and peer
NetEase Inc  NTES.O  down 1.9%, while search engine giant Baidu
Inc  BIDU.O  sheds 3.6%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slip between 2.8% and 4.5%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  fall 2.5%, while Social media co Weibo Corp  WB.O  and
live streaming platform Huya Inc  HUYA.N  lose over 3% each 
    ** 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 over 2% each, while Direxion China CSI Daily Bull
2X  CWEB.K  slides 5%

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