Chinese ADRs Tumble As China's Growth Misses Consensus, Home Prices Slump
Tiger Newspress01-17
Chinese ADRs slumped in morning trading Wednesday after a government report on growth in China’s economy trailed market consensus and home prices slipped. Fund managers are trimming their allocations on Chinese companies, with policymakers hobbled by inadequate monetary stimulus. Alibaba fell 2.5%; Pinduoduo fell 2.8%; JD.com fell 5%; Baidu fell 3.8%; NIO fell 5.7%; XPeng fell 7.1%; Li Auto fell 4.8%.
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