Shares of iQiyi Inc., a leading online video platform in China, surged 6.04% in pre-market trading on October 4, 2024, riding on the wave of optimism surrounding China's recent economic stimulus proposals.
The pre-market rally in iQiyi's stock was part of a broader surge in U.S.-listed Chinese companies, fueled by the afterglow of China's massive economic stimulus plans unveiled earlier. Hong Kong stocks also jumped nearly 3% on Friday to close at their highest level since March 2022, further boosting sentiment.
Several Chinese technology firms, including e-commerce giants Alibaba and JD.com, gaming companies like Bilibili and NetEase, and electric vehicle makers such as Li Auto and Nio, witnessed significant pre-market gains, reflecting the positive sentiment surrounding China's efforts to revive its economy.
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