BUZZ-China ADRs down on investor concerns over real estate market

Reuters2023-11-29

** U.S.-listed shares of Chinese companies fall in early trade, after Hong Kong stocks slumped to a one-month low on Wednesday

** "The state of the real estate market in China is pretty bad, mainly because of over-building and over-speculation, Investors are wary of how this crisis is going to turn out" - Steve Sosnick, Chief Strategist at Interactive brokers

** Also notes e-commerce firm Meituan , a heavy weight on Hang Seng Index, fell 12%, driving the index down, causing a spill-over effect in Chinese ADRs

** E-commerce firm Alibaba Group Holdings down 2.1% and JD.com down 2.5%

** Gaming stock Bilibili Inc slides 7.7%, search engine giant Baidu Inc sheds 0.4%

** EV firm Li Auto Inc down 2.6% and Xpeng Inc

down 1.2%

** Music streaming co Tencent Music Entertainment Group

slips 0.6% and online video platform IQIYI Inc falls 1.5%; social media co Weibo Corp down 0.6%

** Online brokerages Futu Holdings Ltd and UP Fintech Holding Ltd down 1.9% and 1.2%, respectively

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

fall between 0.9% and 1.9%

** Hong Kong's Hang Seng Index fell 2.1% and Hang Seng China Enterprises Index lost 2.3%

(Reporting by Pranav Kashyap in Bengaluru)

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     ** E-commerce firm Alibaba Group Holdings    down 2.1% and JD.com    down 2.5%    ** Gaming stock Bilibili Inc    slides 7.7%, search engine giant Baidu Inc    sheds 0.4%    ** EV firm Li Auto Inc    down 2.6% and Xpeng Inc  down 1.2%     ** Music streaming co Tencent Music Entertainment Group  slips 0.6% and online video platform IQIYI Inc    falls 1.5%; social media co Weibo Corp    down 0.6%    ** Online brokerages Futu Holdings Ltd    and UP Fintech Holding Ltd    down 1.9% and 1.2%, respectively     ** China ETFs such as iShares MSCI China ETF   , China Large-Cap ETF    and KraneShares CSI China Internet ETF  fall between 0.9% and 1.9%    ** Hong Kong's Hang Seng Index    fell 2.1% and Hang Seng China Enterprises Index    lost 2.3% (Reporting by Pranav Kashyap in Bengaluru)","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2387371864"}