NIO, Alibaba, Xpeng extend rally as China considers reopening
U.S.-listed Chinese stocks are on track for another day of gains, as investors continue to bet on an easing of the country’s strict Covid-19 restrictions.
Chinese electric-vehicle makers led gains. NIO’s American depositary receipts rose 2.8% in premarket trading. XPeng’s U.S.-listed shares gained 4.9% premarket, while Li Auto rose 3.3%.
Tweet on China’s stock surge after the news on reopening
NIO, @Alibaba and Other U.S.-Listed Chinese Stocks Extend Rally as China Considers Reopening via @WSJ #StockMarket #China pic.twitter.com/tOCjk83Sv4
— The_Journalbiz (@the_journalbiz) November 7, 2022
FactSet chart on China’s U.S Listed stocks
Internet stocks also rose. Baidu’s U.S.-listed shares rose 2.2% before the opening bell. Pinduoduo rose 1.8% and Alibaba gained 0.9% premarket.
- Hong Kong stocks had surged Monday, adding to Friday’s rally.
Chinese leaders are considering steps toward reopening after nearly three years of tough pandemic restrictions but are proceeding slowly and have set no timeline, The Wall Street Journal reported Monday.
