Tencent, JD UP, BABA Down, When will Chinese ADRs bottom out?
On Wednesday, Joe Biden and Xi Jinping meet in effort to stabilise relations. It is reported after a meeting between both side didn’t result in new agreements on the economic front.
However, Chinese ADR related ETFs $FTSE China Bull 3X Shares(YINN)$ , $ProShares Ultra FTSE China 50(XPP)$ , $CSI China Internet ETF(KWEB)$ rose 7.21%, 4.68%,3.42 respectively on Wednesday.
With $TENCENT(00700)$ $Tencent Music(TME)$ and $JD.com(JD)$’s earnings up, It is surprised that $Alibaba(BABA)$’s revenue of $30.81B misses by $230M, even Non-GAAP EPADS of $2.14 Beats by $0.05.
$Alibaba(BABA)$ declares US$1.00 cash dividend per ADS share with record date December 21, 2023. That would be 1.25% based on pre-market price now of $80 per share.
I was hope Chinese ADRs to be bottomed on Wednesday, However, Chinese ADRs were mostly lower in premarket trade on Thursday.
$NIO Inc.(NIO)$ , $XPeng Inc.(XPEV)$ , $Li Auto(LI)$. $Baidu(BIDU)$
When will Chinese ADRs bottom out?
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