Chinese ADRs Jump as Investors Expect Beijing’s "Policy Pivot" to Continue

Chinese ADRs jumped in premarket trading, as investors expected Beijing’s ‘policy pivot’ to continue, with a focus on demand-side stimulus and stabilising the housing market, analyst said.

Leading the advance, search-engine giant Baidu jumped 12.4%, after it said its AI chip unit Kunlunxin filed a listing application with the Hong Kong stock exchange ‍on Thursday.

In terms of other companies and ETFs, Direxion Daily FTSE China Bull 3X Shares rose 10%; NetEase rose 6%; NIO rose 5%; Alibaba rose 4%; Bilibili, Li Auto, and Pony AI rose 3%; JD.com, PDD Holdings, Tencent Music, and iQiyi rose 2%; XPeng rose 1%.

Expectations have been building that the stock rally could extend into 2026 after a high-level economic policy meeting chaired by President Xi Jinping last month signalled continued fiscal support and accommodative monetary policy in 2026.

Investors turned more optimistic on China’s markets in 2025, putting them back on the radar after the country showed resilience amid tariff friction with the US and highlighted its technological strength with the emergence of home-grown artificial intelligence start-up DeepSeek.