Some Chinese ADRs gained in premarket trading Wednesday after Beijing delivered its strongest endorsement of the private sector, fuelling bets on further gains in this year’s tech rally following DeepSeek’s breakthrough.

YINN rose 1%; XPeng, Li Auto, and iQiyi rose 4%; JD.com rose 2%; NIO rose 1%; PDD Holdings rose 0.8%; Alibaba rose 0.2%.

President Xi Jinping urged tech entrepreneurs to contribute more to innovation amid an intensifying rivalry with the US, according to a readout released by state-run Xinhua News Agency late on Monday. He also promised more protection for entrepreneurial interests and wider market access for them.

The meeting on Monday suggests that China’s years-long crackdown on the tech sector since 2020, highlighted by the cancellation of Ant Group’s global stock offering, has ended, according to Morgan Stanley and UBS’s global wealth-management unit.

Global investment banks have turned bullish on Chinese stocks since the success of DeepSeek’s cost-effective AI model earlier this year, leading to a re-rating of Chinese equities. Goldman Sachs on Monday raised its 12-month targets for Chinese stocks, saying faster AI adoption would fuel corporate earnings and fund inflows.