China ADRs drop as investors cautious despite Beijing's stimulus boost

Nio Strategic Metals

25/09/2024 10:49

** U.S-listed shares of Chinese cos fall premarket, after
sharp rally on Tuesday following China's stimulus measures
    ** Investors concerned stimulus plans won't do enough to
boost demand
    ** Move despite domestic Chinese stock indexes  .CSI300 
 .SSEC  rising over 1%
    ** Alibaba Group  BABA.N , JD.com  JD.O  and PDD Holdings
 PDD.O  fall between 3.7% and 4.9%, had gained between 7.9% and
~14% the previous day
    ** Gaming stock Bilibili  BILI.O  loses 5.7%, search engine
giant Baidu  BIDU.O  falls 4%
    ** EV firms Li Auto  LI.O , Nio  NIO.N  and Xpeng  XPEV.N  
drop between 5.6% and 4.4% after gaining between 11.4% and ~12%
in last session
    ** Tencent Music Entertainment Group down 5%
    ** Exchange-traded funds tracking China stocks slide -
iShares MSCI China ETF  MCHI.O  down 2.9%, KraneShares CSI China
Internet ETF  KWEB.P  falls 4%, after jumping between ~9% and
10.3% in previous session

 (Reporting by Sukriti Gupta in Bengaluru;)
 ((Sukriti.Gupta@thomsonreuters.com;))