JOYY Inc.'s stock soared 6.17% in intraday trading on Thursday, outperforming the broader market amid a rally in Chinese tech stocks driven by impressive earnings results from industry leaders.
The surge in JOYY's shares was fueled by the positive sentiment surrounding Chinese tech giants Alibaba and Bilibili, which both reported robust earnings that exceeded market expectations. Alibaba's stock jumped 14%, while Bilibili saw a 16% surge after their respective announcements.
The strong performance of these industry bellwethers lifted investor confidence in the overall Chinese tech sector, prompting a broad-based rally that extended to JOYY and other players in the space. The company's solid fundamentals and growth prospects likely contributed to its appeal among investors seeking exposure to the booming Chinese tech market.
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