China ADRs fall ahead of stimulus announcement

Tencent Music Entertainment

11/10/2024 11:15

** U.S.-listed shares of Chinese firms down premarket,
tracking domestic stocks, which fell on concerns about whether
the policy support would be big enough to revive growth
    ** China's finance ministry to detail plans on fiscal
stimulus to boost the economy at a highly expected news
conference on Saturday
    ** E-commerce firms Alibaba Group Holding  BABA.N  down
1.72%, JD.com  JD.O  down 2.66% and PDD Holdings  PDD.O 
declines 2.97%
    ** EV firms Li Auto  LI.O  down 3.13%, Nio  NIO.N  slips
1.77% and Xpeng  XPEV.N  drops 2.92%
    ** Gaming stock Bilibili  BILI.O  down 3.21%, search engine
giant Baidu  BIDU.O  declines 1.46%, online video platform iQIYI
 IQ.O  down 5.08%
    ** Music streaming company Tencent Music Entertainment Group
 TME.N  falls 2.55%
    ** Online education firm Gaotu Techedu  GOTU.N  falls 2.96%
and TAL Education Group  TAL.N  down 5.18%, while social media
platform Weibo  WB.O  slips 2.16%
    ** Chinese ETFs such as iShares MSCI China ETF  MCHI.O  down
2.5%, KraneShares CSI China ETF  KWEB.P  drops 2.8% and iShares
China Large-Cap ETF  FXI.P  declines 2%

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