NetEase Inc. (NTES), a leading Chinese internet technology company, saw its stock surge 6.61% in the past 24 hours, outperforming the broader market. The rally came after the People's Bank of China (PBOC) unveiled a series of measures aimed at supporting the country's equity markets and boosting economic growth.
In premarket trading, Chinese American Depositary Receipts (ADRs) and exchange-traded funds (ETFs) rallied, with NetEase among the top gainers. The PBOC announced a specialized re-lending facility to help companies buy back shares and a swap facility to provide liquidity for institutional investors to purchase stocks.
Adding to the positive sentiment, Chinese President Xi Jinping emphasized the importance of science and technology in driving China's modernization efforts. This bodes well for tech companies like NetEase, which operates popular online games and various internet services.
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