China ADRs rise tracking gains in mainland peers

Tencent Music Entertainment

27/11/2024 10:54

** Chinese companies' U.S.-listed shares rise premarket 
    ** China and Hong Kong stocks rebounded from recent lows on
Wednesday, as data showed a less sharp decline in industrial
profits, while traders placed renewed bets that Beijing will
roll out more supportive policies to counter risks of U.S.
tariffs and shore up the economy  .SS 
    ** Industrial profits in October fell 10% from a year
earlier, better than a 27.1% slump in September, National Bureau
of Statistics (NBS) data showed
    ** Shanghai Composite index  .SSEC  closed up 1.53%, its
biggest one-day percentage gain in nearly three weeks, to climb
from a five-week low, blue-chip CSI300  .CSI300  was up 1.74%
    ** Hang Seng Index  .HSI  jumped 2.4%, its biggest one-day
gain in more than a month
    ** Alibaba  BABA.N  up 2.2%, JD.com  JD.O  gains 3.8% and
PDD Holdings  PDD.O  rises 2.1%
    ** EV firms Li Auto  LI.O  up 3.2%, Nio  NIO.N  advances
2.8% and Xpeng  XPEV.N  rises 3.3%
    ** Gaming stock Bilibili  BILI.O  advances 4.5%, video
platform iQIYI  IQ.O  jumps 4.1%, Baidu  BIDU.O  up 1% 
    ** Tencent Music  TME.N  up 0.7%, Weibo  WB.O  rises 2.1% 
    ** Chinese ETFs such as iShares MSCI China ETF  MCHI.O  up
2.6%, KraneShares CSI China ETF  KWEB.P  gains 2.8% and iShares
China Large-Cap ETF  FXI.P  rises 2.3%

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