KE Holdings Inc. (BEKE), a Chinese real estate services company, saw its stock surge 5.04% in Friday's trading session. The rally was part of a broader surge in Chinese tech ADRs listed on U.S. exchanges, fueled by a slew of upbeat earnings reports from major Chinese tech companies.
The positive sentiment surrounding Chinese tech stocks was particularly boosted by Alibaba Group's better-than-expected earnings results, which were driven by strong performance in its core e-commerce and cloud computing businesses. Alibaba's ADRs jumped 8.1% on Thursday following the earnings release.
Other Chinese tech giants such as Li Auto, Bilibili, XPeng, PDD Holdings, Baidu, and NIO also saw significant premarket gains on Friday, as investors regained confidence in the sector. Analysts attributed the rally to the Chinese government's evolving stance towards private enterprises and capital markets, as well as the potential for foreign long-only funds to increase their exposure to Chinese equities.
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.