Why iQIYI, Full Truck Alliance, and GDS Holdings Soared This Week

Lots of Chinese tech stocks soared this week, including iQIYI (NASDAQ: IQ), Full Truck Alliance (NYSE: YMM), and GDS Holdings Limited (NASDAQ: GDS), which were up 19.3%, 33.2%, and 30.2%, respectively, at the end of trading on Thursday. Virtually all Chinese tech stocks rose after last-week's widespread protests paradoxically sparked hopes that China would relax its strict COVID-19 lockdown measures in due course. Interestingly, both Full Truck Alliance and GDS Holdings beat both revenue and profit expectations handily, while iQIYI was mixed, delivering a revenue beat but a miss on profit expectations.