BUZZ-China ADRs rise on fresh stimulus from country's central bank

Reuters01-24

** U.S.-listed shares of Chinese companies rise in premarket trading, tracking gains in domestic shares following fresh stimulus from Chinese central bank

** China's central bank will cut the amount of cash that banks must hold as reserves from Feb. 5, as policymakers extend efforts to shore up a fragile economic recovery

** The Shanghai Composite closes up 1.8% after hitting five-year low earlier this week, while Hong Kong's Hang Seng jumps 3.6%

** E-commerce firms Alibaba Group Holding , JD.com Inc and PDD Holdings rise between 1.7% and 2.1%

** Gaming stocks Bilibili surges 5.1% and peer NetEase up 3.8%, while search engine giant Baidu

adds 2.6%

** EV firms Li Auto Inc and Nio Inc gain 3.1% and 4.2%, respectively

** Music streaming co Tencent Music Entertainment Group

and online video platform IQIYI rise 3.9% and 4.6%, respectively, while Social media co Weibo and live streaming platform Huya climb 4.4% and 1.3%, respectively

** Online education firms Gaotu Techedu , TAL Education Group and New Oriental Education & Technology Group up 6.3%-10.4%

** EDU shares also rise as co forecasts Q3 2024 revenue above analysts' estimates, per LSEG data

** Online brokerages Futu Holdings and UP Fintech Holding gain 5.1% and 5.8%, respectively

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

gain 3.1%-3.4%, while Direxion China CSI Daily Bull 2X

advances 6.8%

(Reporting by Shristi Achar A in Bengaluru)

((Shristi.AcharA@thomsonreuters.com ))

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