Chinese ETFs And ADRs Jump. Tencent Music up 6%, YINN up 4%; Li Auto up 3%; XPeng, Alibaba, PDD up 1%
Chinese ETFs and ADRs jumped in premarket trading on Wednesday. Tencent Music rose 6%, YINN rose 4%; Li Auto up 3%; Baidu up 2%; XPeng, Alibaba, PDD rose 1%; JD.com fell 2%.
China said on Wednesday it would further enhance capital market support for science and technology innovation enterprises and would expand bank credit support for the firms.
China would expand its pilot programme for financial asset investment companies (AICs) that aims to bring more equity investment to tech innovation firms, according to guidelines jointly released by seven authorities including China's science and technology ministry.
China would also support tech innovation firms to list abroad, the guidelines said.
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