Oct 8 (Reuters) - U.S.-listed shares of Chinese
companies fell on Tuesday, tracking an underwhelming start for
Shanghai markets after a week-long break, as investors worried
over the lack of new stimulus measures to power an economic
recovery.
American Depositary Receipts (ADRs) of Chinese e-commerce
giants Alibaba Group ( BABA ) dropped about 8% in premarket
trading, while JD.com ( JD ) and PDD Holdings ( PDD ) declined
10.9% and 10.6%, respectively.
China's stock markets climbed to their
highest levels in more than two years at the open, but lost
steam after economic planner chairman Zheng Shanjie failed to
detail sufficiently big or new measures.
"This morning's briefing from the Chinese government didn't
really seem to give investors much new stimulus measures," said
Christopher Peters, trading floor manager at Accendo Markets in
London. "The concern may well fall towards whether or not this
would be sufficient to stop any sort of property problems in
China."
Shares of China-exposed assets such as European luxury firms
and commodities tumbled. They had rallied, along with
domestic and U.S.-listings of Chinese firms, toward the end of
last month after Beijing introduced a bevy of stimulus measures
to prop up its ailing economy.
China's blue-chip CSI 300 jumped more than 10%
intraday on Tuesday, but surrendered some gains mid-day and
closed up 6%.
Equities in Hong Kong, which remained open all
through last week, slumped more than 9% and clocked their worst
single-day showing since 2008.
The downbeat mood spilled over to the U.S. markets. Chinese
electric-vehicle maker Nio shed 10.6%, gaming company
Bilibili ( BILI ) lost 15.7% and search engine giant Baidu ( BIDU )
eased 9.1%.
The iShares MSCI China ETF fell 12.9%, while the
tech-focused KraneShares CSI China Internet ETF slipped
12.1%.
Other China-exposed industries also came under pressure.
Copper producer Freeport-McMoRan ( FCX ) slipped 4.1%, while
luxury firm Estee Lauder ( EL ) eased 3.5%.