The U.S.-listed shares of China-based companies enjoyed a broad rally Friday, fueled by a big rally in shares of PDD Holdings Inc. after the mobile marketplace company’s first-quarter results beat by wide margins.
The Invesco Golden Dragon China exchange-traded fund PGJ surged 2.9% in midday trading, with 48 of its 63 equity components gaining ground. The rally comes after the ETF , which tracks the American depositary shares of companies based in China, excluding Hong Kong, had closed Thursday at a six-month low.
Revenue grew 58.1% to RMB37.64 billion , to beat the FactSet consensus of RMB32.18 billion. Revenue from online marketing services increased 50% to RMB27.24 billion and transaction services revenue jumped 86% to RMB5.59 billion.