Shares of iQiyi Inc. (IQ), a leading Chinese online entertainment service provider, surged 8.64% in pre-market trading on Tuesday, October 2nd, 2024. The stock's rally was part of a broader surge in Chinese American Depository Receipts (ADRs), fueled by renewed optimism about China's economic prospects and risk assets.
The rally came on the heels of a series of stimulus measures unveiled by Chinese authorities last week, aimed at reviving the country's economic growth and supporting the struggling property sector. These measures included interest rate cuts, liquidity support for banks and stocks, and easing of home-buying curbs in major cities.
Investors have been flocking to Chinese stocks, attracted by their attractive valuations after a three-year decline. The Hang Seng China Enterprises Index, which tracks Chinese companies listed in Hong Kong, is currently trading at less than half the valuation of the S&P 500. This has prompted a surge in interest from hedge funds and institutional investors, who are piling into Chinese stocks at a record pace.
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