China ADRs surge on central bank measures to boost market

Tencent Music Entertainment

18/10/2024 10:58

** U.S.-listed shares of Chinese companies surge in
premarket trading, after China's central bank on Friday kicked
off funding schemes and urged swift adoption of policies to
support capital markets
    ** Central bank launched two schemes to initially pump as
much as 800 billion yuan ($112 billion) into the stock market
through newly created monetary policy tools, boosting investor
sentiment  .SS 
    ** Bank also spelt out operational details of the swap and
relending schemes first announced in late September
    ** Following the bank's announcement, the benchmark Shanghai
Composite Index  .SSEC  closed up 2.9%, while the blue chip
CSI300  .CSI300  and Hang Seng  .HSI  both ended 3.6% higher
    ** E-commerce firms Alibaba Group Holding  BABA.N  up 3.2%;
JD.com  JD.O  and PDD Holdings  PDD.O  surge 5.1% each
    ** EV firms Li Auto  LI.O  climbs 6.6%, Nio  NIO.N  up 5.6%
and Xpeng  XPEV.N  advances 5.9%
    ** Gaming stock Bilibili  BILI.O  climbs 7.8%, search engine
giant Baidu  BIDU.O  surges 4.3%, online video platform iQIYI
 IQ.O  rises 6%
    ** Music streaming company Tencent Music Entertainment Group
 TME.N  adds 5.1%, social media platform Weibo  WB.O  up 4.8%
    ** Chinese ETFs such as iShares MSCI China ETF  MCHI.O 
advances 5%, KraneShares CSI China ETF  KWEB.P  up 6.2% and
iShares China Large-Cap ETF  FXI.P  climbs 4.8%

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