Chinese ADRs jumped in overnight trading after data showed a rebound in China’s industrial profits, easing concerns over corporate earnings pressure in the world’s second-largest economy.

The Political Bureau of the CPC Central Committee Held a Meeting on September 29 to Discuss Major Issues in Formulating the 15th Five-Year Plan for National Economic and Social Development. The Meeting Decided that the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China will be Held in Beijing from October 20 to 23.

New Oriental rose 6%; Li Auto and Alibaba rose 4%; Bilibili and KE Holdings rose 3%; Baidu, JD.com, and PDD Holdings rose 2%; NIO, XPeng, and Trip.com rose 1%.

Industrial profits among mainland firms jumped 20.4 per cent in August from a year earlier, snapping back from a 1.5 per cent decline in July, according to data released by the National Bureau of Statistics on Saturday. The data covers firms with annual revenue of at least 20 million yuan (US$2.8 million) from their main operations.