The Direxion Daily FTSE China Bull 3X Shares (YINN) saw a remarkable 5.96% soar in the pre-market session on Thursday, riding the wave of investor frenzy over Chinese tech stocks and their potential in the artificial intelligence (AI) space.
The surge in YINN, a leveraged exchange-traded fund (ETF) that aims to deliver triple the daily returns of the FTSE China 50 Index, was fueled by a broader rally in Chinese technology companies listed in Hong Kong. The Hang Seng Tech Index, a benchmark for Chinese tech stocks, was poised to close at its highest level since February 2022, driven by mounting interest in AI startups like DeepSeek.
Investors have been flocking to cheaply-valued Chinese tech shares, betting on their potential as beneficiaries of the country's advancements in large language models and AI applications. Companies like Kuaishou Technology, Bilibili Inc, and Baidu Inc were among the top gainers, reflecting the market's enthusiasm for AI-related stocks.
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