Shares of Chinese electric vehicle maker NIO Inc. surged over 7% in pre-market trading on Tuesday, outperforming the broader market as Chinese stocks rallied on expectations of economic stimulus measures from Beijing.
The optimism stemmed from comments by China's Politburo, which indicated plans to adopt an "appropriately loose" monetary policy next year, marking the first easing of its stance in over a decade. The Politburo also signaled proactive fiscal policies to spur economic growth, boosting investor sentiment.
The positive sentiment rippled through Chinese stocks listed in both the US and Hong Kong markets. In Hong Kong, the Hang Seng Index and other major indexes tracking Chinese companies saw significant gains, with the Hang Seng Tech Index surging over 4%. Shares of NIO, Alibaba, JD.com, and other Chinese tech giants rallied amid the broader market optimism.
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