China ADRs fall as domestic stocks decline over property sector concerns

Tencent Music Entertainment

30/01/2024 14:12

** U.S.-listed shares of Chinese companies fall premarket,
mirroring a slump in domestic stocks, as worries about the
country's real-estate sector increase 
    ** A Hong Kong court on Monday ordered the liquidation of
property giant China Evergrande Group, overshadowing optimism
over government's economic measures 
    ** E-commerce firm Alibaba Group Holding  BABA.N  falls 1.6%
while JD.com Inc  JD.O  and PDD Holdings  PDD.O  fall more than
3.5% 
    ** Gaming stocks Bilibili Inc  BILI.O  slides 3.5% and peer
NetEase Inc  NTES.O  down 2.9%, while search engine giant Baidu
Inc  BIDU.O  sheds 2.5%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slip over 1.6% each 
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  fall 3% and
1.5%, respectively, while social media co Weibo Corp  WB.O  and
live streaming platform Huya Inc  HUYA.N  lose 1.5% each
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  down between 2.5%-3.5%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  dip 1.6% and 2%, 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 over 2%, while Direxion China CSI Daily Bull 2X
 CWEB.K  slides 4%

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))