China ADRs jump as domestic stocks extend their rally

Weibo

30/09/2024 10:42

** U.S.-listed shares of Chinese companies jump premarket
following a climb in domestic stocks 
    ** Equity rally stems from recent stimulus measures from
Beijing to revive domestic economy
    ** E-commerce firms gain: Alibaba Group Holding  BABA.N  up
4.5%, JD.com  JD.O  rises 7.5%, PDD Holdings  PDD.O  rises 4.7%
     ** EV firms Li Auto  LI.O  up 7.5%, Nio  NIO.N  jumps 12.7%
and Xpeng  XPEV.N  gains 8.3%
    ** Gaming stock Bilibili  BILI.O  up 8.7%, search engine
giant Baidu  BIDU.O  adds 3%, online video platform iQIYI  IQ.O 
rises 3%
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
Holding  TIGR.O  soar 9.2% and 13.5%, respectively
    ** Online education firms Gaotu Techedu  GOTU.N  jumps 12.7%
and TAL Education Group  TAL.N  up 9.5%, while Social media co
Weibo  WB.O  advances 5.8%
    ** China's ETFs such as iShares MSCI China ETF  MCHI.O  up
3.1%, KraneShares CSI China ETF  KWEB.P  5.4% and iShares China
Large-Cap ETF  FXI.P  up 2.7%

 (Reporting by Nikhil Sharma in Bengaluru)
 ((Nikhil.Sharma@thomsonreuters.com;))