iQiyi Inc. (IQ) saw its stock soar by 5.20% during Monday's trading session, riding the wave of a broader rally among Chinese ADRs. The streaming giant's shares surged as investors responded positively to a mixed bag of economic data from China and renewed confidence in the country's tech sector.

The uptick in iQiyi's stock price aligns with gains seen across various Chinese ADRs in morning trading. Other notable performers included GDS Holdings, up 6%, Bilibili, rising 5%, and tech giants Alibaba and Baidu, both climbing 2%. This collective rise comes as China reported better-than-expected retail sales growth, which expanded by 6.4% in May, the fastest pace since December 2023.

However, the economic picture remains complex. While retail sales exceeded expectations, industrial output and fixed-asset investment fell short of projections. Additionally, the property market showed signs of deepening its downturn, with new home prices experiencing their worst drop since October. Despite these mixed signals, investors appear to be focusing on the positives, particularly the robust retail sales data, which could bode well for consumer-oriented companies like iQiyi in the near term.