China ADRs fall after mainland peers drop as Trump presidency looms

Tencent Music Entertainment

06/11/2024 10:18

** Chinese companies' US-listed shares fall premarket on
worries over growing U.S.-China trade tensions as Trump
presidency looms
    ** China's yuan and stock markets fell sharply as the
prospect of another Donald Trump presidency risked heightened
tensions over trade and technology 
    ** Trump had promised voters he will impose tariffs of 60%
or more on goods from China
    ** China's blue-chip CSI300 Index  .CSI300  fell 0.5%, while
Hong Kong's benchmark Hang Seng  .HSI  fell 2.3%  .SS 
    ** E-commerce firms Alibaba Group Holding  BABA.N  down
2.7%; JD.com  JD.O  falls 3.6% and PDD Holdings  PDD.O  slides
6.5% in premarket trading
    ** EV firms Li Auto  LI.O  down 6.5%, Nio  NIO.N  and Xpeng
 XPEV.N  both down nearly 5%
    ** Gaming stock Bilibili  BILI.O  down 4.8%, search engine
giant Baidu  BIDU.O  falls nearly 2.1%, video platform iQIYI
 IQ.O  slides 5.4%
    ** Tencent Music  TME.N  and Weibo  WB.O  both down 4.2%
    ** Chinese ETFs such as iShares MSCI China ETF  MCHI.O  down
2.3%, KraneShares CSI China ETF  KWEB.P  falls 3.1% and iShares
China Large-Cap ETF  FXI.P  down 2.5%

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))