BUZZ-China ADRs fall ahead of week-long Chinese holiday

Reuters2023-09-25

** U.S.-listed shares of Chinese companies fall premarket, tracking declines in their Chinese peers as cautious foreign investors offloaded domestic stocks ahead of China's week-long National Day holiday

** Market tends to perform weakly before the holiday on concerns of uncertainties during the period, Caitong Securities writes in a note

** Also weighing on the sentiment, Chinese property developer Evergrande said it was unable to issue new debt due to an ongoing investigation into its subsidiary

** E-commerce firms Alibaba Group Holding , JD.com

and PDD Holdings (Pinduoduo) fall over 2% each

** Gaming stocks Bilibili falls 2.8%, while search engine giant Baidu loses 1%

** EV firms Li Auto drops 5.9% and Nio falls 3.2%

** Music streaming company Tencent Music Entertainment Group

and online video platform IQIYI fall 1.9% and 0.6%, respectively

** Online brokerages Futu Holdings and UP Fintech

slide 2.3% and 3.4%, respectively

** China ETFs such as IShares MSCI China ETF falls 1.9%

(Reporting by Purvi Agarwal in Bengaluru)

((Purvi.Agarwal@thomsonreuters.com))

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Comments

  • phongy 45
    2023-09-29
    phongy 45
    Bad report on this ... 
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