Shares of Chinese video-sharing platform Bilibili Inc. surged by 7.24% on September 24, 2024, as investors cheered the announcement of a massive stimulus package by Chinese policymakers, the largest since the COVID-19 pandemic.
The stock rally was part of a broader surge in U.S.-listed Chinese companies, with e-commerce giants Alibaba, JD.com, and PDD Holdings seeing their shares rise between 5% and 7.2%. Gaming stock Bilibili and search engine giant Baidu also witnessed significant gains of 6% and 3.7%, respectively.
The stimulus measures, aimed at reviving faltering economic growth in China, provided a temporary boost to Chinese stocks and exchange-traded funds tracking the region. The blue-chip CSI300 and Shanghai Composite indexes jumped over 4% each, while the iShares MSCI China ETF and KraneShares CSI China ETF soared 4.6% and 4.9%, respectively.
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