Shares of the Chinese social media platform Weibo soared 5.02% on Friday during pre-market trading, following news that US President-elect Donald Trump and Chinese President Xi Jinping held a phone call discussing trade relations between the two countries.
The upbeat conversation between the leaders of the world's two largest economies fueled optimism about improving US-China ties, benefiting Chinese companies listed on US exchanges. Several Chinese tech giants like JD.com, Tencent Music, Bilibili, and iQiyi saw their stock prices rise as well.
While details of the Trump-Xi call were scarce, both leaders expressed willingness to work towards a more peaceful and stable relationship. This positive sentiment provided a boost to Weibo and other Chinese stocks, as investors anticipate a potential easing of trade tensions and a more favorable environment for businesses operating in both countries.
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