China ADRs surge after Hong Kong shares jump to 31-month peak

Tencent Music Entertainment

04/10/2024 11:17

** U.S.-listed shares of Chinese companies surge in
premarket trading, after Hong Kong stocks rose nearly 3% on
Friday to close at their highest level since March 2022
    ** The afterglow of China's massive economic stimulus
proposals still has not faded, causing this rally  .SS 
    ** E-commerce firms Alibaba Group Holding  BABA.N , JD.com
Inc  JD.O  and PDD Holdings  PDD.O  rise between 3.3% and 5%
    ** Gaming stocks Bilibili Inc  BILI.O  surges 3.8% and peer
NetEase Inc  NTES.O  up 2.4%, while search engine giant Baidu
Inc  BIDU.O  adds 3.7%
    ** EV firms Li Auto Inc  LI.O  up 2.7%, while Nio Inc
 NIO.N  and Xpeng Inc  XPEV.N  gain 0.6% each
    ** Earlier today, European Commission received enough
support to impose tariffs of up to 45% on imports of
Chinese-made EVs
    ** Music streaming co Tencent Music Entertainment Group
 TME.N  and online video platform IQIYI Inc  IQ.O  rise 4% each
    ** Social media co Weibo Corp  WB.O  and live streaming
platform Huya Inc  HUYA.N  climb 4.4% and 2.8%, respectively
    ** Online education firms Gaotu Techedu Inc  GOTU.N , TAL
Education Group  TAL.N  and New Oriental Education & Technology
Group Inc  EDU.N  up 4.5% to 6%
    ** Online brokerages Futu Holdings Ltd  FUTU.O  and UP
Fintech Holding Ltd  TIGR.O  gain 4.2% and 12.3%, 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 4.1% to 4.9%, while Direxion China CSI Daily Bull
2X  CWEB.K  advances 8.3%

 (Reporting by Pranav Kashyap in Bengaluru)
 ((Pranav.Kashyap@thomsonreuters.com; +919886482111;))