Chinese ADRs slump premarket after weaker-than-expected manufacturing data
The U.S.-listed stock of Chinese companies moved mostly lower early Wednesday, after weak manufacturing data. China's official manufacturing purchasing managers index fell to 48.8 in May, from 49.2 in April, the National Bureau of Statistics said Wednesday. The result was also below the 49.7 expected by economists surveyed by The Wall Street Journal. It marked the second month in a row that the reading fell below the 50 mark, which separates activity expansion from contraction. Internet services provider Baidu Inc. (BIDU) was down 0.6%, e-commerce platform PDD Holdings Inc. (PDD) fell 0.8% and online entertainment company Iqiyi Inc. (IQ) was down 1%. Alibaba Group Holding Ltd. (9988.HK) was up 0.9%.
-Ciara Linnane
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05-31-23 0820ET
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