China ADRs fall on worries a China hawk will be appointed as top US diplomat

Tencent Music Entertainment

12/11/2024 11:21

** Chinese companies' U.S.-listed shares fall in premarket
trade on worries a China hawk will be appointed as top U.S.
diplomat and take a hard line on trade and tariffs
    ** Donald Trump is expected to tap Senator Marco Rubio to be
his secretary of state, sources told Reuters on Monday
    ** Shanghai Composite  .SSEC  closed 1.4% lower, blue-chip
CSI 300  .CSI300  fell 1.1% and Hang Seng  .HSI  closed 2.8%
lower  .SS   .HK 
    ** Alibaba  BABA.N  down 3.3%, JD.com  JD.O  falls 5.6% and
PDD Holdings  PDD.O  down 2.9%
    ** EV firms Li Auto  LI.O  falls 5.3%, Nio  NIO.N  down 4.9%
and Xpeng  XPEV.N  slides 6.2%
    ** Bilibili  BILI.O  down 5.4%, Baidu  BIDU.O  declines
2.9%, and iQIYI  IQ.O  falls 3.1%
    ** Tencent Music  TME.N , which missed Q3 rev ests, down
5.9% and Weibo  WB.O  slips 2.6%
    ** Chinese ETFs such as iShares MSCI China ETF  MCHI.O  down
2.3%, KraneShares CSI China ETF  KWEB.P  slides 3.3% and iShares
China Large-Cap ETF  FXI.P  down 2.7%

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