Chinese ADRs and ETFs Rally. YINN Jumps 8%; XPeng Rises Nearly 5%; Alibaba Is Up 2.8%

Tiger Newspress11-05

Hot Chinese ADRs and ETFs jump in premarket trading. YINN gains 8%; CHAU rises 6.6%; XPeng rises about 5%; NIO rises nearly 4%; Alibaba is up 2.8%.

Chinese Premier Li Qiang expressed confidence that his government can pull off an economic recovery.

Recent data seem to be backing them up. On Tuesday, a private gauge of services activity last month expanded at the fastest pace since July, a sign that consumer demand may be on the mend after Beijing moved to shore up growth with a barrage of stimulus measures.

“The Chinese government has the ability to drive sustained economic improvement,” Li said in a speech Tuesday at the opening of the China International Import Expo in Shanghai.

He added that officials had “ample space for fiscal policy and monetary policy,” and reiterated that China would hit its economic growth target of around 5%.

Investors are awaiting details of fiscal support after the Chinese government unveiled that stimulus package. The backing could come at a meeting of the top legislative body this week.

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