China ADRs slide on jitters over Trump's investment restrictions

Tencent Music Entertainment

24/02/2025 15:15

** U.S.-listed shares of Chinese companies drop, in-line
with domestic counterparts 
    ** A White House official on Friday said Trump signed a
memorandum that will direct the Committee on Foreign Investment
in the United States to restrict Chinese investments in
strategic areas
    ** E-commerce firms JD.com  JD.O  and Temu-parent PDD
Holdings  PDD.O  slide about 8% each
    ** Alibaba Group  BABA.N , down 9.7%, also says it plans to
invest at least 380 billion yuan ($52.44 billion) into its cloud
computing and artificial intelligence infrastructure over the
next three years
    ** Gaming stock Bilibili  BILI.O  slides 10.6% and peer
NetEase  NTES.O  down 4.6%; search engine giant Baidu  BIDU.O 
falls 4.2%
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI  IQ.O  fall 9.8% and
8.7%, respectively
    ** Online education firms Gaotu Techedu  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group  EDU.N  down more than 7% each 
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
Holding Ltd  TIGR.O  dip close to 13% each
    ** China ETFs IShares MSCI China ETF  MCHI.O  and
KraneShares CSI China Internet ETF  KWEB.K  drop 3.7% and 6.6%,
respectively 
    ** China's blue-chip CSI300 Index  .CSI300  closed about
0.2% lower and Hong Kong's Hang Seng Index  .HSI  fell about
0.6%

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))