Chinese ADRs shined in premarket trading. MINISO up nearly 8%; NIO up around 5%; XPeng up 3%; Alibaba, PDD Holdings up about 2%.
JPMorgan said in a recent report that it expected the momentum in mainland Chinese equities to persist, as leverage and valuations remained at moderate levels. The US investment bank estimated that potential asset rotation could inject as much as 14 trillion yuan (US$1.9 trillion) of liquidity into the market, equal to about 16 per cent of its free-float capitalisation.