EWEB - China internet ETF skyrockets 40% amid record trade volumes

As the closing bell rang on Wednesday, the KraneShares CSI China Internet ETF (NYSEARCA:KWEB) led all exchange traded funds, exploding +39.4% on the session. At the same time, KWEB experienced all-time record trade volumes. The move came on signs of reforms in the rules Chinese authorities use to oversee the release of audit information for U.S.-listed companies from China. On the day, KWEB saw just shy of 100M shares exchange hands -- about five times its daily average of 19M shares. In total, KWEB's trade volume equaled 97.89M shares, which equated to roughly $2.6B in trade value. The ETF drew dramatic interest as Beijing authorities aimed to provide concessions that will support the disclosure of Chinese audit information to U.S. regulators. According to the Financial Times, China plans to institute a "red light, green light" system for businesses and auditors concerning what specific information can be disclosed abroad. While nothing has been formally

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China internet ETF skyrockets 40% amid record trade volumes