Chinese US-listed stocks soar again
Chinese companies listed in New York recorded strong gains on Friday as recent announcements by the authorities in Beijing signaled more support for the overall economy and businesses, especially those in the real estate sector. The announcements seemingly sparked more confidence in the future economic recovery of the country, lifting stocks of domestic firms listed in China and overseas.
XPeng Inc. advanced 11.43% at 10:39 am ET after signing a partnership deal with Volkswagen Group earlier this week. Fellow carmakers Li Auto Inc. and Nio Inc. rose by 6.53% at 10:57 am ET and by 5.34% at 10:43 am ET, respectively.
Alibaba Group Holding Limited gained 4.69% at 10:44 am ET, JD.com Inc. increased by 5.31% at 10:59 am ET and Baidu Inc. went 4.19% up at 11 am ET.