Chinese ADRs jumped in overnight trading although US President Donald Trump’s hefty tariffs on China took effect.

YINN rose 15%; Bilibili rose 8%; XPeng, Trip.com, and Alibaba rose 6%; iQiyi rose 5%; Li Auto and Baidu rose 4%; NetEase rose 3%; Tencent Music and NIO rose 2%; PDD Holdings rose 1%.

President Donald Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday, including massive 104% duties on Chinese goods, deepening his global trade war and spurring more widespread selling across financial markets.

China's top leaders plan to convene a meeting as early as Wednesday to discuss measures to boost the economy and stabilise the capital markets, people with knowledge of the matter said, amid an escalating trade war with the U.S.

Senior officials from the State Council, several government and regulatory bodies were expected to attend the meeting, said the two sources.

The policymakers were expected to discuss measures to boost domestic consumption and support capital markets, said the sources. One of them added that initiatives such as export tax rebates were also likely to be discussed.