Chinese ADRs Jump, Driven by Alibaba and Bilibili's Earnings
Chinese ADRs jumped in morning trading, driven by Alibaba and Bilibili's earnings. YINN rose 9%; Bilibili rose 16%; Alibaba rose 14%; JD.com rose 9%; Baidu rose 5%; PDD Holdings rose 4%; Tencent Music and NIO rose 3%; Li Auto rose 1%.
While Alibaba IDC partners VNET Group surged 22%, GDS Holdings jumped 21%.
China's Alibaba Group Holding on Wednesday topped Wall Street expectations for third-quarter revenue, on strong year-end shopping sales and the success of its strategy to attract cost-conscious consumers.
Bilibili reported earnings and revenue that surpassed analyst expectations. This marks the first GAAP profitable quarter for the Chinese entertainment company.
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