XPeng Inc. (XPEV), a leading Chinese electric vehicle manufacturer, witnessed a remarkable surge in its stock price on November 11, 2024, soaring by 6.97% as part of a broader rally in Chinese American Depositary Receipts (ADRs) and Exchange-Traded Funds (ETFs).
The rally in Chinese stocks, including XPeng, was fueled by positive investor sentiment towards the Chinese market. Overnight trading saw significant gains in prominent Chinese companies, with Alibaba (BABA) and Li Auto (LI) rising more than 3%, while NIO (NIO), JD.com (JD), and PDD (PDD) experienced increases of around 2%.
The optimism surrounding Chinese equities was further bolstered by China's A50 index futures, which initially declined by 1.4% but subsequently turned positive during the trading session. This positive momentum in the Chinese market appears to have driven the surge in XPeng's stock price, along with other Chinese ADRs and ETFs.