Stock Track | Chinese ADRs Including iQiyi Surge in Pre-Market on Liquidity Support Plans

Stock Track

Sep 24, 2024

Shares of Chinese companies listed in the U.S., including iQiyi Inc. (IQ), rallied in pre-market trading on Monday, following reports that China is considering plans to provide significant liquidity support for its beleaguered equity market.

iQiyi, a leading online entertainment service in China, saw its stock surge over 5.6% in pre-market trading. This surge was part of a broader rally in Chinese American Depository Receipts (ADRs), with companies like JD.com, Li Auto, NIO, Bilibili, and PDD Holdings also gaining between 4% and 6%.

The rally was fueled by reports that China's central bank, the People's Bank of China (PBOC), is weighing plans to unleash at least $113 billion in initial liquidity support for the country's struggling stock market. The measures include setting up a swap facility allowing securities firms, funds, and insurance companies to tap liquidity from the PBOC to buy stocks, as well as a specialized re-lending facility for listed companies and major shareholders to buy back shares and raise holdings.

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