KE Holdings Inc. (BEKE), a Chinese real estate services company, saw its stock surge 5.04% in Friday's trading session. The rally was part of a broader surge in Chinese tech ADRs listed on U.S. exchanges, fueled by a slew of upbeat earnings reports from major Chinese tech companies.
The positive sentiment surrounding Chinese tech stocks was particularly boosted by Alibaba Group's better-than-expected earnings results, which were driven by strong performance in its core e-commerce and cloud computing businesses. Alibaba's ADRs jumped 8.1% on Thursday following the earnings release.
Other Chinese tech giants such as Li Auto, Bilibili, XPeng, PDD Holdings, Baidu, and NIO also saw significant premarket gains on Friday, as investors regained confidence in the sector. Analysts attributed the rally to the Chinese government's evolving stance towards private enterprises and capital markets, as well as the potential for foreign long-only funds to increase their exposure to Chinese equities.
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