China ADRs fall tracking losses in mainland peers

Tencent Music Entertainment

22/11/2024 10:23

** Chinese companies' U.S.-listed shares fall in premarket
trade after mainland peers post worst day in 6 weeks
    ** China and Hong Kong stocks fell sharply on Friday,
dragged by big tech firms' disappointing earnings and investors'
fears over U.S. President-elect Donald Trump's future policies
on China  .SS 
    ** Shanghai Composite  .SSEC  and blue chip CSI300  .CSI300 
down 3.1% each, posted their biggest single-day losses since
Oct. 9
    ** Hang Seng  .HSI  dipped 1.9%
    ** A Reuters poll this week showed the Trump administration
could impose nearly 40% tariffs on Chinese imports early next
year
    ** E-commerce giant PDD Holdings  PDD.O  and search engine
operator Baidu  BIDU.O  posted lower-than-expected Q3 results on
Thursday
    ** Alibaba  BABA.N  down 3.3%, JD.com  JD.O  falls 1.1% and
PDD Holdings down 1.6%
    ** EV firms Li Auto  LI.O  falls 3.4%, Nio  NIO.N  down 2.6%
and Xpeng  XPEV.N  slides 5.6% 
    ** Gaming stock Bilibili  BILI.O  slides 4.1%, Baidu down
3.3%, video platform iQIYI  IQ.O  falls 3.9%
    ** Tencent Music  TME.N  down 2.1%, Weibo  WB.O  1.8% lower
    ** Chinese ETFs such as iShares MSCI China ETF  MCHI.O  down
2.9%, KraneShares CSI China ETF  KWEB.P  slides 2.8% and iShares
China Large-Cap ETF  FXI.P  falls 2.7%

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