Hot Chinese ADRs Jump As Investors Have Been Piling Into

Tiger Newspress2024-04-26

Hong Kong and Chinese stocks continued to rise on Friday, with the Hang Seng Index on track for its strongest week in a year and a half.

Investor confidence improved as experts from international investment firms revised their outlook on Chinese stocks.

"A lot of investors do see some technical opportunities in China," said Tai Hui, APAC chief market strategist at J.P. Morgan Asset Management.

Equities in Hong Kong have surged this month on the back of strong inflows from mainland Chinese investors, who according to some strategists are investing in the asset class to diversify their currency exposure amid continued depreciation pressure on the yuan. At the same time, foreign funds seem to be rotating money away from expensive global technology stocks to snap up Chinese internet names, which command a higher weighting in Hong Kong gauges.

Hot Chinese ADRs jumped in morning trading Friday. Alibaba rose 2%; PDD Holdings, Baidu and Netease rose 3%; JD.com rose 5%; Bilibili and Li Auto rose 6%; NIO rose 8%; XPeng rose 10%.

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Lolagogogo
2024-04-26
Lolagogogo
Don't believe them! Short! 🤪

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