Hot Chinese ADRs Took off in Morning Trading; Bilibili Surged Over 10% While iQiyi Jumped Over 6%

Tiger Newspress2023-07-28

Hot Chinese ADRs took off in morning trading; Bilibili Inc. surged over 10% while iQiyi Inc. jumped over 6%.

While China has pledged support for private businesses, policymakers have stopped short of delivering a bazooka-style stimulus injection to revive its faltering economy. Instead, it is putting the onus on banks to help jumpstart the housing market by easing loan conditions and extending repayment for some struggling developers.

The Ministry of Housing and Urban-Rural Development said on Thursday that further property easing measures will be introduced, including lowering the down payment ratio and mortgage rates for first-time homebuyers and allowing tax rebates for home upgrades, state-run Xinhua News Agency reported.

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