BUZZ-US-listed shares of Chinese ecommerce firms tumble on China's counter-tariffs

Reuters
04-04
BUZZ-US-listed shares of Chinese ecommerce firms tumble on China's counter-tariffs

** U.S.-listed shares of Chinese companies fall premarket

** China's finance ministry said on Friday it will impose additional tariffs of 34% on all U.S. goods from April 10, as a countermeasure to sweeping tariffs imposed by U.S. President Donald Trump on Wednesday

** Beijing also said it was adding several U.S. entities to an export control list and classifying others as an "unreliable" entity

** E-commerce firms Alibaba Group Holding BABA.N falls 8.7%, JD.com Inc JD.O slips 8.8% and PDD Holdings PDD.O down 8.2%

** Gaming stocks Bilibili Inc BILI.O tumbles 9.3% and peer NetEase Inc NTES.O down 7.5%, while search engine giant Baidu Inc BIDU.O slips 6.7%

** EV firms Li Auto Inc LI.O down 4.3% , Nio Inc NIO.N falls 4.6% and Xpeng Inc XPEV.N down about 7.6%

** Music streaming co Tencent Music Entertainment Group TME.N falls 5% and online video platform IQIYI Inc IQ.O down 4.8%, while social media co Weibo Corp WB.O loses nearly 3%

** Online education firms Gaotu Techedu Inc GOTU.N slips 4.7%, TAL Education Group TAL.N down 6% and New Oriental Education & Technology Group Inc EDU.N slips 4.4%

** Online brokerages Futu Holdings Ltd FUTU.O and UP Fintech Holding Ltd TIGR.O down 6.7% and 10%, respectively

** China ETFs IShares MSCI China ETF MCHI.O and China Large-Cap ETF FXI.N slips 6.1% and 6.6%, respectively; KraneShares CSI China Internet ETF KWEB.K down 7.7%, while Direxion China CSI Daily Bull 2X CWEB.K loses nearly 18%

(Reporting by Sanchayaita Roy in Bengaluru)

((saSanchayaita.Roy@thomsonreuters.com))

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