Chinese ADRs dropped in premarket trading, as investors await more stimulus measures from Beijing.

YINN fell 3%; NetEase, Trip.com, Li Auto, NIO and Alibaba fell 2%; KE Holdings, Bilibili, and PDD Holdings fell 1%.

Investors were unimpressed by a quarter-percentage-point cut in the loan prime rate (LPR) in both the one-year and five-year terms on Monday, as the reduction largely fell in line with a comment on lowering borrowing costs by central bank governor Pan Gongsheng at a financial forum on Friday.

All eyes will be on the actions of the standing committee of the legislative National People’s Congress in coming weeks for fiscal stimulus. The legislature is widely expected to approve an increase in government spending and to raise the quota on government bond issuances. The bull run that has driven stocks in Hong Kong and China up by more than 20 per cent since the end of September has slowed recently, as traders wait for more signals from Beijing to rejuvenate growth.