China ADRs surge after Hong Kong shares jump to 31-month peak
** U.S.-listed shares of Chinese companies surge in premarket trading, after Hong Kong stocks rose nearly 3% on Friday to close at their highest level since March 2022
** The afterglow of China's massive economic stimulus proposals still has not faded, causing this rally .SS
** E-commerce firms Alibaba Group Holding BABA.N, JD.com Inc JD.O and PDD Holdings PDD.O rise between 3.3% and 5%
** Gaming stocks Bilibili Inc BILI.O surges 3.8% and peer NetEase Inc NTES.O up 2.4%, while search engine giant Baidu Inc BIDU.O adds 3.7%
** EV firms Li Auto Inc LI.O up 2.7%, while Nio Inc NIO.N and Xpeng Inc XPEV.N gain 0.6% each
** Earlier today, European Commission received enough support to impose tariffs of up to 45% on imports of Chinese-made EVs
** Music streaming co Tencent Music Entertainment Group TME.N and online video platform IQIYI Inc IQ.O rise 4% each
** Social media co Weibo Corp WB.O and live streaming platform Huya Inc HUYA.N climb 4.4% and 2.8%, respectively
** Online education firms Gaotu Techedu Inc GOTU.N, TAL Education Group TAL.N and New Oriental Education & Technology Group Inc EDU.N up 4.5% to 6%
** Online brokerages Futu Holdings Ltd FUTU.O and UP Fintech Holding Ltd TIGR.O gain 4.2% and 12.3%, respectively
** China ETFs such as IShares MSCI China ETF MCHI.O, China Large-Cap ETF FXI.N and KraneShares CSI China Internet ETF KWEB.K gain 4.1% to 4.9%, while Direxion China CSI Daily Bull 2X CWEB.K advances 8.3%
Reporting by Pranav Kashyap in Bengaluru
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