U.S.-Listed China Stocks Rally: Kingsoft Cloud +22%, Alibaba +10.3%, GDS +9.7%

U.S.-listed Chinese stocks rallied in early trading, with the Nasdaq Golden Dragon China Index rising as much as 3%. Gains were broad-based across internet, cloud and EV names, reflecting a pickup in risk appetite.

Among the top performers, $Kingsoft Cloud Holdings Ltd(KC)$   surged more than 22%, while $Alibaba(BABA)$   rose 10.3% and $GDS Holdings Ltd(GDS)$   gained 9.7%. $XPeng Inc.(XPEV)$   rose 7.6% and  $Baidu(BIDU)$  climbed more than 6%, $NIO Inc (NIO.US)$ and $Bilibili (BILI.US)$ added around 6%, and $JD.com (JD.US)$ advanced roughly 4%.

Cloud and AI infrastructure names led the rally, as investors focused on signs of accelerating AI momentum. Reports that DeepSeek may launch its next-generation V4 model in the coming weeks, with stronger coding capabilities than leading peers, have fueled expectations for broader AI application adoption and rising inference-compute demand, supporting cloud platforms and data-center operators such as Kingsoft Cloud and GDS.

Alibaba's advance was also supported by bullish sell-side commentary. J.P. Morgan said in a recent research note that investors should gradually increase exposure to Alibaba, citing improving fundamentals in its core commerce business, long-term upside in cloud computing, and valuations that remain well below historical levels.

In the EV space, XPeng outperformed following reports that XPeng AeroHT has confidentially filed for a Hong Kong IPO, with a potential listing as early as this year, reinforcing investor expectations for additional long-term growth drivers beyond vehicle sales.

Overall, the rally in U.S.-listed Chinese stocks appears driven by a combination of improving sentiment, AI-related structural catalysts and stock-specific developments, rather than a single headline. As AI model innovation and application deployment continue to evolve, cloud and infrastructure-linked names are emerging as early beneficiaries, helping anchor the broader rebound in the sector.

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