BUZZ-China ADRs slide as optimism over China stimulus wanes

Reuters
2024/10/08

** 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 down 8.7%, JD.com down 11.7% and PDD Holdings declines 12.1%

** EV firms Li Auto down 11.5%, Nio slips 12.5% and Xpeng drops 11.7%

** Gaming stock Bilibili down 15.7%, search engine giant Baidu declines 9.5%, online video platform iQIYI

down 11.3%

** Online brokerages Futu Holdings and UP Fintech Holding slide 16.6% and 22.1%, respectively

** Online education firm Gaotu Techedu falls 11.6% and TAL Education Group down 10.2%, while social media co Weibo slips 13.5%

** Chinese ETFs such as iShares MSCI China ETF down 13%, KraneShares CSI China ETF drops 12% and iShares China Large-Cap ETF declines 11.2%

(Reporting by Nikhil Sharma in Bengaluru)

((Nikhil.Sharma@thomsonreuters.com))

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