Why Tencent, Tencent Music Entertainment, and iQiyi All Soared Today
TENCENT(TCEHY) The Motley Fool·2024-09-25 02:13
China just unveiled a major stimulus plan to turn around its stagnating economy. Will it be enough?Shares of Chinese consumer tech stocks Tencent (TCEHY 6.36%), Tencent Music Entertainment (TME 16.41%), and iQiyi (IQ 12.15%) were rallying on Tuesday, up 6.5%, 15.7%, and 11.7%, respectively, as of 1:15 p.m. ET.On Tuesday, the Chinese government and central bank unveiled the country's biggest stimulus measures since the pandemic. Chinese stocks have been trading cheaply as the country has been experiencing ec ...