Chinese ADRs Edge Higher As China Downgrade Shrugged Off

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of U.S.-listed Chinese companies inched higher in premarket trade Wednesday, as investors shrugged of the downgrade of China's credit rating. Alibaba Group Holding Ltd.'s stock ticked up 0.2%, while shares of Baidu Inc. tacked on 0.2% and Inc. edged up 0.2% and Sina Corp. gained 0.6%. Meanwhile, the iShares China Large-Cap ETF ticked 0.1% lower. Moody's Investors Service cut China's rating overnight to A1 from Aa3, the first downgrade of the country since 1989. The Shanghai Composite initially fell more than 1% after the downgrade, but bounced to close up 0.1%.

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