iQiyi Inc. (IQ) stock soared 5.03% in pre-market trading on Wednesday, as part of a broader rally in Chinese stocks and American Depositary Receipts (ADRs) on renewed investor optimism around potential economic stimulus measures from Beijing.
The rally saw several major Chinese companies gain, with JD.com (JD) and CHAU rising over 4%, Li Auto (LI), XPeng (XPEV), and NIO (NIO) advancing more than 3%, and Alibaba (BABA) and PDD gaining over 2%.
The surge was fueled by data showing a less sharp decline in industrial profits in October compared to September, as well as expectations that China's policymakers would implement further stimulus packages to counter risks from potential U.S. tariffs and shore up the slowing economy. Traders are betting that Beijing will roll out supportive policies to offset the impact of potential tariff hikes in 2025, which had been vowed by U.S. President-elect Donald Trump.
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