Hot Chinese ADRs Gained Premarket, With Alibaba Rising over 3%

Tiger Newspress04-10

Hot Chinese ADRs gained in premarket trading as sentiment improved following upbeat economic data and corporate developments.

Alibaba rose over 3%; XPeng rose over 2%; JD.com, Bilibili, PDD Holdings, NetEase, Baidu rose 1%.

Jack Ma took to an internal Alibaba forum to voice his support for a company undergoing a turbulent restructuring, emerging from seclusion for the second time in months to try and shore up sagging morale at the Chinese e-commerce pioneer he co-created.

The billionaire, who had retreated from the public spotlight in recent years, penned a lengthy memo in which he blessed efforts by new leaders Joseph Tsai and Eddie Wu to revive a stalled company. He said Alibaba Group Holding Ltd. is now on the right track and urged staff to stay the course.

Investors have turned more optimistic about the world’s No. 2 economy after a spate of positive economic data. Chinese tourists spent 13% more during the Qingming holidays than in the pre-pandemic period of 2019, adding to recent economic green shoot including a gauge of manufacturing activity that registered its highest reading in a year.

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