Chinese company shares surge after positive manufacturing survey

Kingsoft Cloud Holdings Ltd KC shares are trading higher at $5.35. Following a positive private survey indicating activity in factory activity during May, shares of Chinese companies are experiencing an upward trend in trading Thursday. House passing a U.S. debt ceiling has also boosted market sentiment.

A recent survey by Bloomberg Markets highlighted a marginal expansion in Chinese manufacturing activity in May, contrasting official data indicating a decline in factory output. The Caixin manufacturing purchasing managers' index PMI, which focuses mostly on smaller and export-oriented enterprises, climbed to 50.9 from 49.5 in April.

This rebound positioned the index above the critical 50 level that demarcates expansion from contraction, which surprise economists surveyed by Bloomberg who had anticipated no change in the index.

Alibaba has integrated AI into its DingTalk app.

COVID infections could reach as many as 65 million cases per week by the end of June, according to a recent report by CNBC.

Zhong Nanshan, a respiratory disease specialist, shared data on the new wave of infections during a recent Guangzhou medical conference, CNBC reported.

Zhong Nanshan, per CNBC, said that the wave, which commenced in late April, was expected, with his modelling suggesting a potential surge of around 40 million weekly infections in China. He also predicted that by the end of June, the weekly number of infections would reach 65 million.

According to data from Benzinga Pro, KC has a 52-week high of $10.13 and a 52-week low of $1.77.