China ADRs fall as Trump's tariff threats loom

Tencent Music Entertainment

28/02/2025 10:23

** U.S.-listed shares of Chinese companies decline premarket, tracking their domestic peers, amid looming tariff threats

** President Donald Trump announced a 10% duty on Chinese imports on Thursday, on top of the 10% tariff that he levied on February 4

** Hong Kong's benchmark Hang Seng Index .HSI slumped over 3%, its largest one-day decline since October 2024

** China's blue-chip CSI300 Index .CSI300 and the Shanghai Composite Index .SSEC both down 2%.

** E-commerce firms Alibaba Group BABA.N, JD.com JD.O and PDD Holdings PDD.O fall between 3.4% and 4.4%

** Gaming stocks Bilibili BILI.O declines 3.9%, and peer NetEase NTES.O down 1.2%, while search engine giant Baidu BIDU.O sheds 3.2%

** EV firms Li Auto LI.O down 6.7%, Nio NIO.N drops 5% and Xpeng XPEV.N slides 7.9%

** Music streaming co Tencent Music Entertainment Group TME.N and online video platform IQIYI IQ.O fall 3.8% and 3.2%, respectively

** Online education firms Gaotu Techedu GOTU.N and TAL Education Group TAL.N fall 6.1% and 4%, respectively

** Online brokerages Futu Holdings FUTU.O and UP Fintech Holding Ltd TIGR.O dip 5.2% and 4.6%, 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 about 3% each

 (Reporting by Shashwat Chauhan in Bengaluru)

 ((Shashwat.Chauhan@thomsonreuters.com))