Some Chinese ADR gained after a private survey showed that China’s manufacturing industry expanded at the fastest pace in four months, easing some concerns about the reciprocal tariffs to be unveiled by the US.

PDD Holdings rose 3%; NetEase, XPeng, and NIO rose 2%; Li Auto and Tencent rose 1%; JD.com and Alibaba rose less than 1%.

The purchasing managers’ index (PMI) compiled by Caixin rose to 51.2 in March, according to a statement by Caixin and S&P Global on Tuesday. That is the highest reading since November when the gauge reached 51.5. An official PMI report released by the statistics bureau on Monday showed the sector expanded at the fastest pace in a year last month.

The readings add to evidence that China’s economic recovery is getting under way, albeit in a mild manner, after a slew of stimulus measures last year. Economists from Nomura Holdings and Morgan Stanley forecast a moderation in growth in the coming quarters as the downturn in home prices continues and the effect of a trade-in programme for consumer goods fades.

In terms of EV news, XPeng delivered 33,205 vehicles in March, the fifth consecutive month of more than 30,000 units, according to data it released.

Li Auto Inc. today announced that it delivered 36,674 vehicles in March 2025, representing a year-over-year increase of 26.5%. This brought the Company’s first-quarter deliveries to 92,864, an increase of 15.5% year-over-year. As of March 31, 2025, Li Auto’s cumulative deliveries reached 1,226,736.

NIO delivered 15,039 vehicles in March 2025, representing an increase of 26.7% year-over-year. The deliveries consisted of 10,219 vehicles from the Company’s premium smart electric vehicle brand NIO, and 4,820 vehicles from the Company’s family-oriented smart electric vehicle brand ONVO. The Company delivered 42,094 vehicles in the first quarter of 2025, representing an increase of 40.1% year-over-year. Cumulative deliveries reached 713,658 as of March 31, 2025.