iQiyi Inc. (IQ) stock soared 6.28% in pre-market trading on Wednesday, November 27th, as part of a broader rally in Chinese stocks and American Depositary Receipts (ADRs) on renewed investor optimism around potential economic stimulus measures from Beijing.
The surge was fueled by data showing a less sharp decline in industrial profits in October compared to September, as well as expectations that China's policymakers would implement further stimulus packages to counter risks from potential U.S. tariffs and shore up the slowing economy.
Traders are betting that Beijing will roll out supportive policies to offset the impact of possible tariff hikes threatened by the incoming U.S. administration. The rally saw several major Chinese companies gain, with JD.com and CHAU rising over 4%, Li Auto, XPeng, and NIO advancing more than 3%, and Alibaba and PDD gaining over 2%.
Comments