Chinese ADRs dropped in overnight trading, as investors are still assessing the news of a potential 10 trillion yuan ($1.40 trillion) fiscal boost from Beijing, while remaining cautious ahead of U.S. elections next week.

YINN fell 5.1%; Trip.com fell 2.6%; NetEase, JD.com, iQiyi, Baidu, KE Holdings and Bilibili fell 2%; PDD Holdings and Alibaba fell 1.4%; Tencent Music fell 1.3%.

Reuters reported China is considering approving next week the issuance of over 10 trillion yuan ($1.4 trillion) in extra debt in the next few years to revive its fragile economy, citing two sources with knowledge of the matter.

The standing committee of the National People’s Congress (NPC) will convene from November 4 to 8, with legislators reviewing a raft of issues, including state asset management and law amendments, according to Xinhua.

Investors have high expectations from the NPC meeting, particularly after stock benchmarks in China and Hong Kong have jumped more than 20 per cent since late September, making them the best performers globally in the period. The momentum has weakened recently, as investors have adopted a wait-and-see attitude.