NetEase Inc. (NTES) saw its shares surge 5.05% on Tuesday, outperforming the broader market, as the Chinese tech giant's stock rallied along with other Chinese ADRs amid rising optimism surrounding China's trade and political developments.
The stock's soaring movement came as China swiftly retaliated against the latest U.S. tariffs by announcing 10%-15% hikes on import levies covering a range of American agricultural and food products. This retaliatory action by China, coupled with the start of the country's annual "Two Sessions" political meetings, appeared to boost investor sentiment towards Chinese companies listed in the U.S.
Thousands of delegates gathered in Beijing for the "Two Sessions" event, where policymakers are expected to set China's economic growth target and revise down its annual consumer price inflation target. Investors anticipate that the Chinese government's policy announcements during these meetings could provide a tailwind for companies like NetEase.
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