Vipshop Holdings (VIPS) stock surged 10.12% in pre-market trading on Friday, outperforming the broader market rally driven by upbeat sentiment surrounding Chinese tech stocks.
Chinese tech giants Alibaba, Baidu and JD.com all reported strong earnings results, fueling investor optimism in the sector. Alibaba's solid cloud revenue growth and Xi Jinping's meeting with Jack Ma, the company's founder, signaled Beijing's evolving stance towards private enterprises and capital markets.
The positive earnings from industry leaders, coupled with breakthroughs in AI development by Chinese startups like DeepSeek, have prompted a re-evaluation of Chinese tech stocks. This newfound bullishness has lifted the shares of Vipshop, an e-commerce discount retailer, along with other Chinese ADRs and ETFs in overnight trading.
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