China stocks were gaining ground early Monday after an attempt to boost the struggling economy on Friday underwhelmed investors and sent China large-cap stocks sharply down.
Alibaba and JD.com American depositary receipts, or ADRs, were up 2.2% and 1.4% in the premarket Monday. Both e-commerce giants are set to report quarterly earnings later this week, which could be a catalyst for shares, potentially sending them up another leg.
Electric vehicle makers and Tesla rivals NIO Inc. and XPeng Inc. shares also rose Monday after ending Friday in the red, up 1.6% and 4.4% in the premarket.
On Friday, Chinese authorities unveiled a $1.4 trillion, or 10 trillion yuan, economic package consisting of a debt swap to rescue debt-laden local governments, in a move that will have little immediate impact on the country's economic growth.
While authorities stressed that more stimulus will follow in 2025, they didn't roll out measures directly aimed at the embattled property market.
The Hang Seng Index closed down 1.5% Monday. Futures tracking the Hang Seng Index were down 0.1% early Monday Eastern time.
