Bilibili plunges 16% at the open after reporting a second-quarter loss

Hong Kong-listed shares of Chinese video and games company Bilibili fell more than 16% at the open after reporting a second-quarter earnings miss overnight.

The company reported a net loss of more than $300 million almost double the reported loss for the same period a year ago.

However, Citi Research’s vice president of China Internet and Media Brian Gong was upbeat, saying regulatory concerns over the country’s gaming industry are easing.

Pointing to the government’s resumption of gambling licenses, Gong said, “although their number is less than expected, it shows that the environment is improving,” he said on CNBC’s “Squawk Box Asia,” adding that “the worst is behind us .”

– Jihye Lee

CNBC Pro: Citi just upgraded eight Chinese stocks

China’s “economic recovery appears to be slower than market expectations,” Citi equity analysts said in a Sept. 2 report.

They downgraded 12 Chinese stocks – but upgraded eight. Here are three stocks from their updated list of the best Chinese stocks trading in Hong Kong and the mainland.

Pro subscribers can read more here.

Evelyn Cheng

US stock futures open little changed

U.S. stock futures opened little changed after a choppy session in the major averages as Wall Street weighed the pace of future rate hikes.

Dow Jones Industrial Average futures rose 23 points, or 0.07%. Futures on the S&P 500 and Nasdaq 100 rose 0.08% and 0.13%, respectively.

—Sarah Min



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