China ADRs rise on state fund buying

Tencent Music Entertainment

30/08/2024 10:57

** U.S.-listed shares of Chinese companies rise premarket
trade on heavy buying from sovereign fund Huijin, and
expectations of fresh stimulus for the property sector
    ** State-backed Central Huijin Investment boosted ownership
in a handful of blue-chip ETFs, according to the fund manager's
mid-year reports
    ** China ETFs China Large-Cap ETF  FXI.N  and KraneShares
CSI China Internet ETF  KWEB.K  gain 1.4% and 2.5% respectively
    ** E-commerce firms lead gains after a report, citing
Beijing's antitrust regulator, said Alibaba  BABA.N  has ceased
the monopolistic practices that prompted an investigation more
than three years ago
    ** BABA up 4%, JD.com  JD.O  up 4.3% and PDD Holdings
 PDD.O  gains 2.5%
    ** Meanwhile, domestic shares ended higher with Hong Kong
shares closing at a one-month high
    ** Gaming stocks Bilibili  BILI.O  up 3.2% and NetEase
 NTES.O  up 1.9%, search engine giant Baidu  BIDU.O  adds 1.7%
    ** EV firms Li Auto  LI.O  up 2.2%, Nio  NIO.N  up 6.6% and
Xpeng  XPEV.N  gain 3.2%
    ** Tencent Music Entertainment Group  TME.N  and IQIYI
 IQ.O  rise 1.2% and 2.2%, respectively; Weibo  WB.O  climbs
2.8%
    ** Gaotu Techedu  GOTU.N  and TAL Education Group  TAL.N  up
3.5% and 1.6% respectively

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))