Chinese ETFs and ADRs mixed in Thursday trading. Alibaba fell 7%; YINN, JD.com fell 4%; PDD fell 3%; Gaotu rose 19%; NetEase rose 14%; Youdao rose 12%.

Chinese internet and gaming company NetEase posted a profit and revenue beat in its first-quarter earnings report, as growth in its core games unit saw a double-digit percentage rise, which more than offset declines in other businesses.

Revenue from games and related value-added services was up 12.1% at RMB 24B ($3.3B) in Q1, ahead of the Bloomberg consensus estimate of RMB 23.08B.

Increased online game net revenues from titles like Identity V, Where Winds Meet, and Marvel Rivals, as well as certain licensed games, strengthened the gaming unit's performance.

Chinese e-commerce giant Alibaba reported quarterly revenue that missed Wall Street estimates on Thursday, as the company works on new strategies to keep consumers spending amid persistent economic weakness and global trade uncertainties.

Chinese shoppers, grappling with a prolonged property crisis and a cloudy economic outlook, have increasingly become cost-conscious, prompting deep discounts and rock-bottom prices to stimulate spending.

That has sparked a price battle among China's largest online e-commerce platforms including Alibaba, PDD Holdings' Pinduoduo and JD.com, as they jostle for market share.