Chinese ADRs and ETFs soared as China’s central bank kicked off a specialized re-lending facility to help listed companies and major shareholders buy back shares, boosting market optimism over Beijing’s support and sending stocks higher.
YINN gained 17.8%; Tiger Brokers rose 17.55%; CHAU rose 14.26%; Bilibili rose over 10%；XPeng rose over 8%; Li Auto, NIO, KE Holdings rose around 7%.
The previously announced program offers 300 billion yuan ($42.1 billion) in low-cost loans to 21 eligible commercial banks that lend to qualified companies and shareholders, according to a statement from the People’s Bank of China on Friday.
The PBOC also announced the start of a swap facility, which allows institutional investors to access liquidity from the central bank to purchase stocks. The program has received applications for over 200 billion yuan, according to a separate statement.
Shares of Netflix rose 5% to $721.5 in overnight trading. Netflix Inc. added more than 5 million customers in the third quarter and eclipsed Wall Street’s expectations on every major financial metric despite a new programming slate constrained by last year’s strikes in Hollywood. Sales for the period grew 15% to $9.83 billion, the company said in a Thursday, while earnings increased to $5.40 a share. Analysts were predicting Netflix would add 4.52 million subscribers.
Medical device maker Intuitive Surgical beat Wall Street estimates for third-quarter profit on Thursday, helped by strong demand for its surgical robots used in minimally invasive procedures, sending shares up 6% in overnight trading.