Shares of Vipshop Holdings Limited (NYSE: VIPS) soared 5.42% during intraday trading on Wednesday, amid a broader rally in Chinese tech stocks and ADRs.
The rise in Vipshop's stock price was part of a larger surge in Chinese stocks listed on U.S. exchanges, as investor sentiment towards the Chinese market improved. The YINN ETF, which tracks Chinese technology companies, gained over 10%, while electric vehicle makers like Li Auto and XPeng also saw significant gains of around 9%.
According to analysts, the rally in Chinese tech stocks can be attributed to several factors. Firstly, there is an ongoing rebalancing of global funds, with investors rotating from the U.S. and Indian markets to China and Europe, where valuations are more attractive. Additionally, optimism has been rising that the Chinese government will provide more resources to support innovation and technological breakthroughs, as the rivalry with the U.S. intensifies.
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