Shares of a large number of Chinese consumer goods stocks were soaring on Thursday. Streaming video leader iQiyi (NASDAQ: IQ) was up 17.4%, online music titan Tencent Music Entertainment Group (NYSE: TME) gained as much as 15.7%, online entertainment platform DouYu International (NASDAQ: DOYU) climbed as much as 15.6%, and search giant Baidu (NASDAQ: BIDU) jumped 10.8%. While each of the stocks gave up some of their gains, the quartet had notched gains of 17.3%, 15.4%, 15.2%, and 10.1%, respectively, as of 1 p.m. ET.
The catalyst that sent these consumer-facing Chinese stocks surging was comments made by government regulatory agencies regarding plans to boost the most populous nation's economy.
Officials from China's commerce ministry said that while the country faced "unprecedented" difficulties stabilizing international trade next year, it would take steps to educate companies on trade opportunities and manage risks related to foreign exchange rates. The agency also said it would increase efforts to ease the logjam caused by logistics and supply chain issues that have rattled the international community.
For further details see:
Why Tencent Music, iQiyi, Baidu, and Other Chinese Stocks Surged on Thursday