Shares of iQiyi Inc., a leading online entertainment service in China, surged 6.78% in premarket trading on Thursday, riding a broader rally in U.S.-listed Chinese stocks. The premarket surge comes after China's central bank unveiled measures to support the nation's capital markets.
On Friday, the People's Bank of China (PBOC) launched two funding schemes to pump as much as 800 billion yuan ($112 billion) into the stock market through newly created monetary policy tools. The move is aimed at boosting investor sentiment and providing liquidity support to the country's equity markets.
The central bank's announcement sent major Chinese stock indices soaring, with the benchmark Shanghai Composite Index closing 2.9% higher, while the blue-chip CSI300 and the Hang Seng Index both ended the day up 3.6%. The measures also triggered a broad rally in U.S.-listed Chinese companies, including iQiyi, Alibaba, JD.com, Li Auto, Nio, Xpeng, Bilibili, Baidu, Tencent Music, and Weibo.
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