Shares of NetEase Inc. (NTES), a leading Chinese internet technology company, surged by 5.61% on Thursday, outperforming the broader market amidst a rally in Chinese stocks listed in the U.S.
The surge in NetEase's stock price was driven by positive sentiment surrounding a series of measures unveiled by the People's Bank of China (PBOC) aimed at bolstering the country's equity markets and boosting economic growth. The central bank announced a specialized re-lending facility to assist companies in share buybacks and a swap facility to provide liquidity to institutional investors for stock purchases.
Additionally, comments from Chinese President Xi Jinping highlighting the importance of science and technology in driving China's modernization efforts further boosted optimism for tech companies like NetEase, which operates popular online games and various internet services.
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