Chinese ADRs and ETFs Jump on Report Xi Will Chair Symposium Attended by Jack Ma and Other Chinese Business Leaders
Chinese ADRs and ETFs jumped in overnight trading. YINN and CWEB rose 9%; Alibaba rose 6%; JD.com rose 5%; PDD Holdings rose 4%; Li Auto, XPeng, NIO, and Baidu rose 3%.
Chinese President Xi Jinping plans to chair a symposium to boost private sector sentiment next week that will be attended by the country's business leaders including Alibaba co-founder Jack Ma, three people with knowledge of the meeting said, Reuters reported.
Xi rarely chairs symposiums about the private sector and the event underscores the numerous challenges currently facing China Inc, from the escalation in tensions with the United States under President Donald Trump to sputtering growth for the domestic economy.
Many of the entrepreneurs will be from the tech sector and Xi is expected to encourage them to expand their businesses domestically and internationally amidst an intensifying Sino-U.S. technology war, two sources said.
The symposium is likely to take place on Monday, said three sources.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Most Discussed
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10