BUZZ-China ADRs climb on rising hopes for fresh stimulus

Reuters
26 Sep 2024

** U.S.-listed shares of Chinese companies jump premarket on hopes for additional stimulus measures from Beijing

** Chinese leaders pledged on Thursday to deploy "necessary fiscal spending" to meet this year's economic growth target

** Shares gained on Tuesday after China's central bank unveiled a bumper monetary stimulus but gave up some gains on Wednesday on worries that the measures may fall short of helping boost domestic demand

** E-commerce firms gain: Alibaba Group Holding up 5.7%, JD.com 7.7%, PDD Holdings 7.3%

** Gaming stock Bilibili jumps 8,3%, search engine giant Baidu rises 4.8%,

** Online education firm Gaotu Techedu soars 11.6%, online video platform iQIYI advances 9%

** EV firms Nio , Li Auto , Xpeng gain between 5% and 7.7%

** Online brokerage Futu Holdings advances 8%, Tencent Music Entertainment Group up 7.4%

** China's ETFs such as iShares MSCI China ETF up 5.7%, KraneShares CSI China ETF 7.2% and iShares China Large-Cap ETF up 5.5%

(Reporting by Nikhil Sharma in Bengaluru)

((Nikhil.Sharma@thomsonreuters.com;))

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