BUZZ-China ADRs rise after domestic blue-chip stocks log best day in five months

Reuters2023-12-28

** U.S.-listed shares of Chinese companies rise premarket after domestic blue-chip stocks log best day in five months

** Overseas investors bought a net 13.5 bln yuan ($1.90 bln) of Chinese stocks, as policy expectations and the market's low valuation offered attractive opportunities, driving the domestic stocks up

** E-commerce firms Alibaba Group Holding and Pinduoduo Inc rise over 1% each, while JD.com Inc gains 3.7%

** Gaming stocks Bilibili Inc surges 5% and peer NetEase Inc up 3.1%, while search engine giant Baidu Inc adds 2.5%

** EV firms Li Auto Inc , Nio Inc and Xpeng Inc gain between 1% and 4%

** Music streaming co Tencent Music Entertainment Group

and online video platform IQIYI Inc rise over 2% each, while social media co Weibo Corp up 3.3%

** Online education firms Gaotu Techedu Inc , TAL Education Group up over 3% each

** Online brokerages Futu Holdings Ltd and UP Fintech Holding Ltd gain 3% and 2.2%, respectively

** China ETFs such as China Large-Cap ETF and KraneShares CSI China Internet ETF gain 2.8% and 3.1%, respectively, while Direxion China CSI Daily Bull 2X advances 5.7%

(Reporting by Purvi Agarwal in Bengaluru)

((Purvi.Agarwal@thomsonreuters.com))

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