Some Chinese ADRs jumped in morning trading. YINN rose 4%; Hesai rose 4%; Alibaba and NIO rose 3%; Baidu, Trip.com, NetEase, and XPeng rose 2%; PDD Holdings rose 1%.
Chinese e-commerce leader Alibaba said on Thursday it plans to raise $3.2 billion through the sale of a zero-coupon convertible bond to fund international expansion and strengthen cloud computing.
NIO sank almost 9% on Wednesday as the EV maker raised about $1 billion through a share sale.
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