BUZZ-China ADRs tumble after weak economic data hammers local shares

Reuters01-17

** U.S.-listed shares of Chinese companies fall sharply in premarket trading, mirroring losses in the domestic market, following downbeat economic data from China

** Data showed China's economy grew 5.2% in 2023, slightly more than the official target, but the recovery was far shakier than many analysts had expected

** Another set showed China's troubled property market ended last year with the worst declines in new home prices in nearly nine years, showing sustained downturn in the sector that accounts for around a quarter of China's economy

** China's blue-chip CSI 300 index closed at near five-year lows, while Hong Kong's Hang Seng index tumbled to 14-month lows

** E-commerce firms Alibaba Group Holding , JD.com Inc and Pinduoduo Inc fall between 3.3% and 4.5%

** Gaming stocks Bilibili Inc slides 4.4% and peer NetEase Inc down 3.9%, while search engine giant Baidu Inc sheds 4.8%

** EV firms Li Auto Inc , Nio Inc and Xpeng Inc slip between 4.3% and 7.2%

** Music streaming co Tencent Music Entertainment Group

and online video platform IQIYI Inc fall 3.4% and 3.8%, respectively, while live streaming platform Huya Inc

loses 7.1%

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

fall 2.9% and 3.5%, while Direxion China CSI Daily Bull 2X slides 7.5%

(Reporting by Sruthi Shankar in Bengaluru)

((sruthi.shankar@thomsonreuters.com;))

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