Weibo Corporation, a leading social media platform in China, saw its stock soar 5.03% on Thursday. The surge was part of a broader rally in Chinese tech stocks traded on U.S. exchanges.
The rally was driven by optimism surrounding the Chinese economy and the tech sector. According to reports, several major Chinese tech companies, including iQiyi, Tiger Brokers, KE Holdings, XPeng, Bilibili, Alibaba, Baidu, and NIO, experienced significant gains, with some stocks rising as much as 10%.
The positive sentiment towards Chinese tech stocks appears to be fueled by expectations of a continued economic recovery and the potential for further government support for the tech industry. Investors are also anticipating potential regulatory changes that could benefit these companies.
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