Chinese ADRs Extend Gains; XPeng up 9%, PDD up 8%, Li Auto up 7%, Alibaba up 5%
Chinese ADRs extended gains.
YINN rose 9%; XPeng rose 9%; Bilibili, PDD rose 8%; Li Auto rose 7%; Alibaba, JD.com up 5%; Nio rose 4%.
A 10% duty from the US on Chinese goods was implemented Tuesday, despite indications of potential negotiations by Donald Trump, president of the US, an SCMP report stated.
China retaliated by announcing its intention to put a 10% to 15% tariff in place starting Feb. 10 on various US products including coal, LNG, oil, and agricultural equipment.
At the same time, the US has delayed imposing tariffs on Mexico and Canada by one month on an agreement for increased vigilance at the borders to restrict the flow of drugs and migrants, according to the report.
Investors are hoping for similar negotiations with China to end the current tariff disputes.
Besides, the likelihood of AI optimism fuels stock buying after the progress made by Chinese AI startup DeepSeek.
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