Chinese ADRs mixed in morning trading Tuesday as Investors weighed Xi's symposium. YINN, Alibaba, and PDD Holdings rose 2%; XPeng rose 4%; iQiyi fell 9%; Bilibili fell 8%; Baidu fell 7%; JD.com fell 6%; Trip.com fell 4%; Tencent Music fell 2%; NIO fell 1%.

Chinese search engine giant Baidu reported a 2% drop in quarterly revenue, dragged down by a slowdown in the advertising business, though offset by gains from cloud AI.

iQiyi missed Q4 top-line estimates, membership services revenue dropped 15%.

Chinese President Xi Jinping presided over a meeting with Alibaba co-founder Jack Ma and other prominent entrepreneurs on Monday, signaling Beijing’s endorsement for a long-marginalized private sector now considered key to reviving the world’s No. 2 economy.

The country’s leader drew many of the biggest names in Chinese business over the past decade, representing industries from chipmaking and electric vehicles to AI. The summit demonstrated Beijing’s softer stance toward the companies that fuel most of economy, just as Washington ramps up a potentially debilitating campaign of global tariffs.

Xi delivered a speech after hosting Ma, Meituan’s Wang Xing and Xiaomi Corp. chief Lei Jun, state media reported. Also present were Wang Xingxing of robotics startup Unitree, DeepSeek founder Liang Wenfeng and Huawei Technologies Co. founder Ren Zhengfei — considered key figures in China’s ambition to reduce its reliance on US technology. Xi shook hands with Unitree’s Wang, Ren and Ma.

Tencent Holdings Ltd. founder Pony Ma — whose WeChat pioneered the “super app” concept that has since been lauded by Elon Musk — also attended, CCTV reported. So too did BYD Co.’s Wang Chuanfu and Contemporary Amperex Technology Co Ltd.’s Robin Zeng, driving home China’s rapid ascent in EVs.

The Hong Kong shares of Baidu plunged on Monday, wiping $2.4 billion off its market value, after the founder of the Chinese search engine giant was not spotted at a rare meeting between President Xi Jinping and corporate leaders.