The Direxion Daily FTSE China Bull 3X Shares (YINN) surged 6.19% in pre-market trading on Friday, riding the wave of bullish sentiment surrounding Chinese technology stocks.
The rally was fueled by a combination of factors, including upbeat earnings from Chinese e-commerce giant Alibaba and a breakthrough by local AI startup DeepSeek. Alibaba's ADRs jumped 8.1% on Thursday after the company reported better-than-expected sales driven by its core e-commerce and cloud businesses.
The positive news from Alibaba and DeepSeek prompted investors to re-evaluate the potential of China's leading internet companies, sparking a broader rally in Chinese tech shares and related ETFs like YINN.
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