BUZZ-China ADRs rise on recovery hopes, moves to support private economy

Reuters2023-09-22

** U.S.-listed shares of Chinese companies rise premarket tracking China markets on hopes of economic recovery

**

Report

of China considering relaxing foreign ownership rules in domestic publicly traded firms also aiding sentiment

** Further, China's market regulator issues measures to promote development of the private economy - state media

** Gaming stocks Bilibili surges 6.1% and peer NetEase up 6.9%, while Baidu adds 3.8%

** E-commerce firms JD.com and Pinduoduo rise 3.5% and 3.8%, respectively

** Alibaba Group Holding up 4.2% also amid report co's logistics arm plans $1 bln IPO in Hong Kong

** EV firms Li Auto , Nio and Xpeng accelerate between 3.8% and 6.7%

** Tencent Music Entertainment Group and online video platform IQIYI rise 4.3% and 5.4%, respectively

** Weibo Corp and live streaming platform Huya

climb 3.9% and 4.5%, respectively

** China ETFs such as IShares MSCI China ETF , China Large-Cap ETF and KraneShares CSI China Internet ETF

gain 3.4%-4.3%, while Direxion China CSI Daily Bull 2X

advances 8.7%

(Reporting by Johann M Cherian in Bengaluru)

((johann.mcherian@thomsonreuters.com;))

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