Chinese ADRs Mostly Lower As China Markets Opened To Global Investors

MarketWatch Pulse

American Depositary Receipts of Chinese companies were mostly lower on Monday, the first day of the Hong Kong-Shanghai Stock Connect, the program that gives global investors access to mainland China's stock markets and allows wealthy mainland investors to buy Hong Kong-listed shares. Trade in both directions is limited by a daily volume quota. The move in ADRs comes after Chinese stock markets rallied initially but then fell back, with Hong Kong's Hang Seng Index closing down 1.2% and the Shanghai Composite Index ending down 0.2%. Among the bigger ADR movers, Baidu.com was trading down 4.3%, China Finance Online shed 7.4%, E-Commerce China Dandang was off 3.6% and Alibaba Group Holding was off 0.8%. In the solar sector, JinkoSolar was down 5.5%, Yingli Green Energy ]s" yge] fell 4.4% and Trina Solar was down 3.1%. The FXI iShares China Large-Cap exchange-traded fund fell 2.8%.

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