Shares of iQiyi Inc. (NASDAQ: IQ), the popular Chinese video streaming platform, soared in premarket trading on Monday, riding a wave of optimism surrounding China's economic outlook.
The stock surged 5.69% ahead of the market open, tracking gains in Chinese mainland stocks after Premier Li Qiang expressed confidence in an economic recovery. Recent data also showed that China's services activity expanded at the fastest pace in three months in October, further bolstering investor sentiment.
iQiyi's premarket rally was part of a broader upswing in US-listed Chinese companies, with e-commerce giants Alibaba, JD.com, and PDD Holdings gaining 2%-3%. Electric vehicle makers like Li Auto, Nio, and Xpeng also saw significant gains, fueled by the positive economic signals from China.
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