China ADRs fall after recent stimulus-driven rally

Tencent Music Entertainment

03/10/2024 10:24

** U.S.-listed shares of Chinese firms fall premarket,
mirroring movement in Hong Kong stocks
    ** Hong Kong shares fell on Thursday after taking a pause
from a rally fueled by fresh stimulus by China
    ** Stimulus measures were introduced to lend a boost to
Chinese economy and benefited domestic stocks as well as their
U.S.-listed counterparts
    ** E-commerce firms fall: JD.com  JD.O , Alibaba Group
Holding  BABA.N  and PDD Holdings  PDD.O  decline between 2.9%
to 3.2%
    ** Gaming stock Bilibili  BILI.O  drops 6.2%, while social
media co Weibo  WB.O  slips 5,5% and Tencent Music Entertainment
Group  TME.N  falls 4.3% 
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
Holding  TIGR.O  down 2.9% and 6.1%, respectively
    ** Online education firm Gaotu Techedu  GOTU.N  down 4.7%,
online video platform iQIYI  IQ.O  down 4.4%, whereas EV firm
Nio  NIO.N  and down 4.6%
    ** iShares MSCI China ETF  MCHI.O  down 2.6% but has gained
~32.4% in last two weeks
    ** Other Chinese ETFs such as KraneShares CSI China ETF
 KWEB.P  down 3.6% and iShares China Large-Cap ETF  FXI.P  down
2.3%
    


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