China ADRs fall, tracking decline in domestic stocks

Tencent Music Entertainment

15/10/2024 10:03

** U.S.-listed shares of Chinese firms fall premarket as
investors stepped back to see when and where government support
will be directed in China
    ** On Saturday the finance ministry said it would increase
borrowing, without saying when or by how much, disappointing
some investors 
    ** Caixin Global reports China may raise an additional 6
trillion yuan ($850 billion) over three years to fund fiscal
stimulus
    ** According to a Reuters poll, China's economy is likely to
expand 4.8% in 2024, missing government's target
    ** E-commerce firms Alibaba Group Holding  BABA.N  down
4.6%, JD.com  JD.O  down 6.4% and PDD Holdings  PDD.O  4.5%
lower
    ** EV firms Li Auto  LI.O  down 5%, Nio  NIO.N  slips 4.3%
and Xpeng  XPEV.N  drops 3.4%
    ** Gaming stock Bilibili  BILI.O  down 6.9%, search engine
giant Baidu  BIDU.O  declines 3.6%, online video platform iQIYI
 IQ.O  down 4.7%
    ** Music streaming company Tencent Music Entertainment Group
 TME.N  falls 4%, social media platform Weibo  WB.O  slips 2.7%
    ** The Shanghai Composite  .SSEC  slumped 2.5%, while the
blue chip CSI300  .CSI300  lost 2.7% and Hang Seng  .HSI  was
down nearly 4%
    ** Chinese ETFs such as iShares MSCI China ETF  MCHI.O  down
3.5%, KraneShares CSI China ETF  KWEB.P  drops 4.7% and iShares
China Large-Cap ETF  FXI.P  declines 3.4%

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