Some Chinese ADRs Jump As as China’s State Funds Step in to Prop up Local Market

Tiger Newspress

04-08

Stock indexes in Hong Kong, Shanghai and Shenzhen rose on Tuesday as several Chinese state funds stepped in to prop up the market and shore up investor confidence, amid signs that the fevered sell-off that swept across the world’s bourses was cooling down.

Some Chinese ADRs jumped in morning trading on Tuesday. YINN rose 12%; Xiaomi ADR rose 8%; Meituan ADR and JD.com rose 5%; Tencent Music and Tencent ADR rose 3%; Trip.com, NetEase, and Bilibili rose 2%; Baidu rose 1%; Alibaba rose 0.7%.

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