BUZZ-China ADRs fall on Moody's outlook cut

Reuters2023-12-05

** U.S.-listed shares of Chinese companies fall after Moody's cuts China credit outlook, citing lower growth and property risks

** E-commerce firms Alibaba Group Holding , JD.com Inc and Pinduoduo Inc fall between 1.2% and 2.2%

** Gaming stocks Bilibili Inc slides 2.34% and peer NetEase Inc down 2.4%, while search engine giant Baidu Inc sheds 2%

** EV firms Li Auto Inc , Xpeng Inc gain between 0.2% and 0.6%, and Nio Inc gains 3.4%

** Music streaming co Tencent Music Entertainment Group

and online video platform IQIYI Inc down 1.8% and 1.12%, respectively, while social media co Weibo Corp and live streaming platform Huya Inc lose 1.25% and 0.6%, respectively

** Online education firms Gaotu Techedu Inc , TAL Education Group and New Oriental Education & Technology Group Inc down 3.1%-3.3%

** Online brokerages Futu Holdings Ltd and UP Fintech Holding Ltd dip 2.7% and 1.9%, respectively

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

fall 1.7%-1.9%, while Direxion China CSI Daily Bull 2X

slides 4%

(Reporting by Pranav Kashyap in Bengaluru)

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Comments

  • StreetCat
    2023-12-13
    StreetCat
    Yes let's short China shares to zero [Miser]  
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