China ADRs rise mirroring gains in domestic shares on inflation rebound

Tencent Music Entertainment

11/03/2024 13:51

** U.S.-listed shares of Chinese companies rise, mirroring
gains in domestic shares after investors cheered consumer prices
rising for the first time in six months
    ** Rise in consumer prices in the world's second-largest
economy denotes an inflation rebound, raising hopes of an
economic recovery
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and PDD Holdings  PDD.O  rise between 2.5% and 5%
    ** Gaming stocks Bilibili Inc  BILI.O  surges 13% and peer
NetEase Inc  NTES.O  up 1.7%, while search engine giant Baidu
Inc  BIDU.O  adds 2.7%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  gain between 2% and 6.5%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  rise 1.6% and
4%, respectively, while social media co Weibo Corp  WB.O  and
live streaming platform Huya Inc  HUYA.N  climb 6.3% and 12%,
respectively
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  gain 5.4% and 6.2%, 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  gain 2.6% to 4%, while Direxion China CSI Daily Bull 2X
 CWEB.K  advances 8%

 (Reporting by Pranav Kashyap in Bengaluru)
 ((Pranav.Kashyap@thomsonreuters.com;))