US MARKETS

Most ADRs of Chinese firms trading in US down mid-morning after Wall Street opens lower

PUBLISHED : Wednesday, 11 November, 2015, 12:58am
UPDATED : Wednesday, 11 November, 2015, 12:58am

The American Depositary Receipts of all but one Chinese firm fell mid-morning on Tuesday, as Wall Street opened lower a day after its steepest drop in six weeks on the rising possibility of an interest rate rise in December and worries about Chinese economic growth.

Vipshop Holdings, an online discount retailer for brands in China, lost 4.7 per cent to US$19.90.  

Sina Corp, an online media company serving Chinese communities around the world, fell 4.9 per cent to US$48.80.

Bitauto Holdings, an online provider of content and marketing services for China's automotive industry, tumbled 6.1 per cent to US$27.30, after closing down 4.3 per cent on Monday.

Soufun Holdings, a real estate internet portal in China, dropped 4.8 per cent to US$6.75, after losing 3.7 per cent on Monday.

Only Youku Tudou managed to edge up, rising 0.7 per cent to US$26.60.

The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF went up 0.8 per cent to US$38.16 in morning trade. The iShares China Large-Cap ETF tracking Hong Kong shares fell 0.9 per cent to US$37.80.

U.S. stocks fell a fifth day, after data showed Chinese consumer inflation waned in October, signaling policy makers may need to boost stimulus to ease deflationary pressure.