U.S.-listed shares of Chinese stocks were getting a lift Monday after reports of upbeat economic commentary from the government.
China’s Politburo expressed confidence in the company’s economy at a Monday meeting that was chaired by President Xi Jinping, according to a report from Dow Jones Newswires that cited China’s official Xinhua News Agency. While the officials discussed economic challenges faced by the company, they also called out strong first-half performance, the report said.
The story also noted that the government plans more policy support to help the economy.
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Among the biggest gainers on U.S. exchanges were shares of video platform Bilibili Inc.
BILI,
up more than 13%, and shares of electric-vehicle maker Nio Inc.
NIO,
up more than 12%. XPeng Inc.’s
XPEV,
American depositary receipts were moving more than 10% higher, while fellow EV maker Li Auto Inc.’s
LI,
ADRs were seeing a smaller boost, up more than 3%.
Shares of iQiyi Inc.
IQ,
another video platform, were ahead upwards of 7% in Monday afternoon action. Shares of e-commerce giants JD.com Inc.
JD,
and Alibaba Group Holding Ltd.
BABA,
were up each more than 4%.
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Shares of internet powerhouse Baidu Inc.
BIDU,
were up more than 5%, and shares of Huya Inc.
HUYA,
which operates a live-streaming platform, were ahead more than 4%.
The KraneShares CSI China Internet ETF
KWEB,
was up about 5% in afternoon trading. It’s declined 2% so far this year, as the S&P 500
SPX,
has advanced about 19%.
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Upbeat Chinese economic commentary could bode well for U.S. companies that do business in the country. Tesla Inc.
TSLA,
for one, disclosed $5.7 billion in China revenue for its latest quarter in a Friday 10-Q filing. That constituted 23.0% of overall revenue, compared with 21.0% in the March quarter.
This post was originally published on Market Watch
