China ADRs slide after local stocks end week at 4-1/2 month low

Tencent Music Entertainment

05/07/2024 11:00

** U.S.-listed shares of Chinese companies fall premarket
    ** China stocks closed the week at 4-1/2 month low, weighed
by financial and consumer shares, while investors braced for
moves from country's central bank that could affect market
sentiment
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and PDD Holdings  PDD.O  fall between 0.9% and 1.9%
    ** Gaming stocks Bilibili Inc  BILI.O  slides 0.6% and peer
NetEase Inc  NTES.O  down 2.5%. Search engine giant Baidu Inc
 BIDU.O  sheds 1.2%
    ** EV firms Li Auto Inc  LI.O , Nio Inc  NIO.N  and Xpeng
Inc  XPEV.N  slip between 1.4% and 5.2%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  fall 1.4% and
2%, respectively
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  dip 1.2% and 0.6%, 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  fall 0.9%-1.6%, while Direxion China CSI Daily Bull 2X
 CWEB.K  slides 2.9%

 (Reporting by Roshan Abraham in Bengaluru)
 ((Roshan.abraham@thomsonreuters.com))