Shares of iQiyi Inc., the leading Chinese online streaming platform, soared over 11% in morning trading on Monday, as Chinese stocks listed in the U.S. rallied on expectations of further government support measures to stabilize the market.
The surge in iQiyi's stock price came after China's National Development and Reform Commission indicated that it will continue to roll out and implement additional economic policies to support the market. This fueled optimism among investors, leading to a broad rally in Chinese American Depositary Receipts (ADRs) such as iQiyi, PDD Holdings, Li Auto, XPeng, Bilibili, NIO, and JD.com.
Contributing to the positive sentiment was a proposal from the Chinese Academy of Social Sciences to establish a stock market stabilization fund worth 2 trillion RMB. The fund aims to promote market stability by buying blue-chip stocks and exchange-traded funds (ETFs) at low prices and selling them at higher prices, helping to balance market fluctuations.
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