BUZZ-China ADRs rise on state fund buying

Reuters08-30

** U.S.-listed shares of Chinese companies rise premarket trade on heavy buying from sovereign fund Huijin, and expectations of fresh stimulus for the property sector

** State-backed Central Huijin Investment boosted ownership in a handful of blue-chip ETFs, according to the fund manager's mid-year reports

** China ETFs China Large-Cap ETF and KraneShares CSI China Internet ETF gain 1.4% and 2.5% respectively

** E-commerce firms lead gains after a report, citing Beijing's antitrust regulator, said Alibaba has ceased the monopolistic practices that prompted an investigation more than three years ago

** BABA up 4%, JD.com up 4.3% and PDD Holdings

gains 2.5%

** Meanwhile, domestic shares ended higher with Hong Kong shares closing at a one-month high

** Gaming stocks Bilibili up 3.2% and NetEase

up 1.9%, search engine giant Baidu adds 1.7%

** EV firms Li Auto up 2.2%, Nio up 6.6% and Xpeng gain 3.2%

** Tencent Music Entertainment Group and IQIYI

rise 1.2% and 2.2%, respectively; Weibo climbs 2.8%

** Gaotu Techedu and TAL Education Group up 3.5% and 1.6% respectively

(Reporting by Medha Singh)

((medha.singh@thomsonreuters.com))

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