China ADRs slide as optimism over China stimulus wanes

Weibo

08/10/2024 10:17

** U.S.-listed shares of Chinese firms fall premarket as
optimism over China stimulus measures fades
    ** Domestic stocks opened higher after a week-long break,
but quickly lost steam after Zheng Shanjie, chairman of the
National Development and Reform Commission, did not provide
details to sustain market optimism in a conference
    ** E-commerce firms Alibaba Group Holding  BABA.N  down
8.7%, JD.com  JD.O  down 11.7% and PDD Holdings  PDD.O  declines
12.1%
    ** EV firms Li Auto  LI.O  down 11.5%, Nio  NIO.N  slips
12.5% and Xpeng  XPEV.N  drops 11.7%
    ** Gaming stock Bilibili  BILI.O  down 15.7%, search engine
giant Baidu  BIDU.O  declines 9.5%, online video platform iQIYI
 IQ.O  down 11.3%
    ** Online brokerages Futu Holdings  FUTU.O  and UP Fintech
Holding  TIGR.O  slide 16.6% and 22.1%, respectively
    ** Online education firm Gaotu Techedu  GOTU.N  falls 11.6%
and TAL Education Group  TAL.N  down 10.2%, while social media
co Weibo  WB.O  slips 13.5%
    ** Chinese ETFs such as iShares MSCI China ETF  MCHI.O  down
13%, KraneShares CSI China ETF  KWEB.P  drops 12% and iShares
China Large-Cap ETF  FXI.P  declines 11.2%

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