The Direxion Daily FTSE China Bull 3X Shares (YINN) surged 5.41% in pre-market trading on Tuesday, outperforming the broader market. The soar came amid a positive sentiment towards Chinese stocks, fueled by recent moves from the Chinese government to support the private sector and revive economic growth.
Chinese President Xi Jinping hosted a symposium on Monday with prominent entrepreneurs such as Jack Ma, founder of Alibaba, and Lei Jun, chief of Xiaomi Corp. The meeting signaled Beijing's endorsement for the private sector, which is now considered key to reviving China's economy. This softer stance towards private companies, coupled with China's ambition to reduce reliance on U.S. technology, has boosted investor confidence in Chinese stocks.
Additionally, Chinese ADRs and ETFs extended gains in overnight trading, with YINN rising 6%, XPeng Inc. (XPEV) and Alibaba (BABA) up 5%, Li Auto (LI) up 4%, PDD Holdings Inc (PDD) up 2%, and NIO Inc. (NIO) up 1%. The broad rally in Chinese stocks contributed to the pre-market soar of YINN, which aims to provide 3x leveraged exposure to the daily performance of the FTSE China 50 Index.
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