VNET Group (VNET), a leading internet and data center services provider, saw its stock soar by 22.99% during intraday trading on Monday. The significant surge comes as Asian equities traded in the US as American depositary receipts (ADRs) experienced a broad rally, with investors welcoming the ongoing US-China trade talks.
The S&P Asia 50 ADR Index climbed 3.4% to 2,226.7, reflecting the positive sentiment in the market. VNET Group emerged as one of the top performers among Asian ADRs, with its stock jumping past 20%. The company's strong performance was part of a broader trend that saw North Asian tech and internet-related stocks posting substantial gains.
Other notable gainers in the Asian ADR market included Canaan (CAN), a computer hardware maker, which rose over 14%, and fintech firm LexinFintech (LX), which gained more than 11%. The positive momentum extended to South Asian companies as well, with IT firms Infosys (INFY) and Sify Technologies (SIFY) climbing 5.8% and 5% respectively. This widespread rally underscores the optimism surrounding US-China trade relations and its potential impact on the technology and internet sectors.
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