Chinese ADRs Gain on China’s Mixed Economic Data
Chinese ADRs gained in morning trading on a sombre note on Monday after China reported a mixed bag of economic data from May and top leaders pledged to do more to stabilise home prices.
YINN rose 5%; GDS Holdings rose 6%; Bilibili rose 5%; KE Holdings rose 4%; WeRide, Pony AI, XPeng, Li Auto, and Kingsoft Cloud rose 3%; Alibaba, JD.com, and Baidu rose 2%; NetEase, Trip.com, and PDD Holdings rose 1%.
China’s retail sales grew 6.4% last month, the fastest pace since December 2023, the National Bureau of Statistics said on Monday. The rise exceeded all the estimates of the economists polled by Bloomberg.
Meanwhile, industrial output in May grew by 5.8% year on year, and fixed-asset investment in the first five months rose by 3.7%, the statistics bureau said. Both fell short of the projections of the Bloomberg survey.
A separate report showed that the downturn in the property market deepened last month. New home prices fell 0.22%in May from the previous month, the worst drop since October, according to the agency.
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